Stock market climbs back to 8,000 level

Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Mon, 14 Jan 2019 16:22:02 +0000

THE stock market returned to 8,000 territory on Monday, closing at a nine-month high on account of foreign fund inflows and last-minute buying.

The benchmark Philippine Stock Exchange index (PSEi) recovered from intra-day losses to end the day at 8,024.14, up 1.52 percent or 120.05 points. The last time the PSEi closed in the 8,000 level was on April 12 last year when it hit 8,043.07.

The wider All Shares added 1.19 percent or 56.45 points to finish at 4,786.60.

“Foreign flows may have driven the comeback as we initially saw an outflow in the morning at the same time when the index was weak,” P2P Trade Online sales associate Gabriel Jose Perez noted.

Foreign funds bought P4.2-billion worth of issues and sold P3.2 billion for a net foreign buying position of P985.8 million.

Philstocks Financial, Inc. research associate Japhet Louis Tantiangco, meanwhile, said market players had resorted to last-minute bargain-hunting.

“We can also say that little by little, confidence is already coming back to the country’s economy,” Tantiangco added.

Perez said he expected gains to continue for the rest of the trading week.

The local market bucked a regional decline spurred by negative leads from Wall Street, where all three main indices fell on Friday.

Hong Kong finished down 1.4 percent on Monday after chalking up gains of more than six percent over the previous six trading days, while Shanghai ended 0.7 percent lower and Singapore lost 0.5 percent.

Taipei was 0.5 percent down, Mumbai lost 0.8 percent and Jakarta shed 0.9 percent.

Tokyo was closed for a holiday.

In Manila, all sectoral results ended in the green, with industrials up the most by 2.14 percent.

Volume turnover stood at 1.13 billion issues valued at P6.79 billion.

Winners led losers, 125 to 80, while 42 issues were kept unchanged.

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