Foreign buying lifts PSEi to 9-month high

MANILA – Share prices on the Philippine Stock Exchange index (PSEi) closed at the 8,000 level on the PSEi Friday, supported by foreign buying.

The bellwether PSEi gained 119.92 points or 1.51 percent to 8,047.12, the highest since it closed at 8,048.72 on April 3, 2018. The broader All Shares increased by 61.08 points or 1.29 percent to 4,804.92.

“The spike in net foreign buying helped bolster the belief that foreign funds are coming back into the market after selling heavily last year,” PNB Securities president Manuel Lisbona said.

Foreign funds bought P5.643 billion of shares and sold P4.347 billion for a net buying position of P1.296 billion.

“Foreign funds are coming back to the Philippines as there is confidence that it’s going to be better this year,” COL Financial president Dino Bate said.

“Basically, the sentiment is … improved,” Bate said.

More than 1.855 billion shares valued at P8.435 billion, changed hands. Advancers led decliners, 111 to 76, and 59 issues were unchanged.

Week-on-week, the PSEi gained 143.03 points or 1.809 percent from 7,904.09 on January 11. The PSEi increased by 557.92 points or 7.449 percent from 7,489.20 on January 2, the first trading day of 2019. (GMA News)


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