FOREIGN buying kept Philippine share prices buoyant for a sixth consecutive trading day on Tuesday, lifting the benchmark back in the 7,300 territory.
The Philippine Stock Exchange index (PSEi) advanced by 1.21 percent or 88 points to 7,364.34 on Tuesday, while the All Shares rose by 1.17 percent or 50.98 points to 4,417.13.
Luis Limlingan, managing director of Regina Capital Development Corp., said foreign investors were placing most of the buy orders despite slightly negative closing of markets overnight on Wall Street.
“Investors sought refuge of the Philippine market as US stocks declined, with the Dow Jones Industrial Average down by 0.4 percent, as oil price plunged 4 percent on higher US drilling rig count and concerns about Iraqi’s compliance with production cuts,” Limlingan said.
Across the board, the sectoral indices were up with the 2.12 percent increase of the Services index leading the pack.
Among the most active shares, SM Investments Corp. was flat and BDO Unibank Inc. registered a loss. Among the biggest gainers were SM Prime Holdings Inc., Globe Telecom Inc., PLDT Inc., Metro Pacific Investments Corp. and Metrobank.
Some 5.61 billion shares worth P8.95 billion were traded. Advancers outpaced decliners, 129 to 74, while 41 shares were unchanged.