PSEi goes over 7,800 on foreign buying
Credit to Author: ANGELICA BALLESTEROS, TMT| Date: Thu, 30 May 2019 16:17:05 +0000
THE stock market rose for a third straight day on Thursday, thanks to foreign-fund inflows and month-end window dressing.
The benchmark Philippine Stock Exchange index (PSEi) grew by 0.50 percent or 38.80 points to close at 7,836.55, while the broader All Shares grew by 0.36 percent or 17.27 points to end at 4,822.06.
In a market note, brokerage firm Philstocks Financial Inc. said the bourse grew amid the foreign buying recorded during the day.
Foreigners snapped up P3.5 billion issues and disposed of P3.1 billion for a net foreign buying position of P392.5 million.
For his part, Regina Capital Development Corp. head of sales Luis Limlingan pointed to window dressing as having buoyed the index.
The local market traded in contrast to its global counterparts. Wall Street’s main indices all fell overnight, but in Asia, Tokyo dipped 0.29 percent, Shanghai slipped 0.31 percent, Hong Kong declined 0.44 percent, and Singapore decreased 0.74 percent.
Seoul rose 0.77 percent, Jakarta grew 1.18 percent and Bangkok inched up by 0.18 percent.
Sectoral results were mixed, with the services, industrial and financials index the only gainers, up 0.55 percent, 1.37 percent, and 1.44 percent, respectively.
More than 694 million issues were traded valued at P6.6 billion.
Winners led losers, 97 to 70, while 53 issues were unchanged.
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