Stock market buoyed anew by foreign buying
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 07 Mar 2019 16:16:43 +0000
THE stock market rallied for a second day on Thursday on continued inflows of foreign funds.
The bellwether Philippine Stock Exchange index (PSEi) rose by 0.77 percent or 60.45 points to close at 7,881.79 while the wider All Shares also grew by 0.77 percent or 36.89 points to finish at 4,845.96.
Eagle Equities Inc. research head Christopher Mangun pointed to net foreign buying as having lifted the PSEi, a view echoed by P2P Trade Online sales associate Gabriel Jose Perez.
Net foreign buying totaled P565 million as foreigners bought P2.8 billion worth of shares and sold P2.22 billion.
However, Mangun said he expected the rally to be short-lived “as long as we don’t see local investors come in with excitement.”
The stock market traded in contrast to an overnight decline on Wall Street and mixed results in Asia on Thursday.
Shanghai and Bangkok grew by 0.14 percent and 0.39 percent, respectively but Tokyo decreased 0.65 percent, Hong Kong fell 0.89 percent and Seoul declined by 0.45 percent.
Singapore ended flat while Jakarta was on a holiday break.
In Manila, sectoral results were mixed with the services and property indices the only losers, down 0.19 percent and 0.51 percent, respectively.
More than 2.12 billion shares valued at P5.8 billion were traded.
Winners led losers, 114 to 84, while 47 issues remained unchanged.
The post Stock market buoyed anew by foreign buying appeared first on The Manila Times Online.