Stocks buoyed by foreign buying


CONTINUED foreign buying lifted share prices on the Philippine Stock Exchange (PSE) Friday to close the week within 8,000 resistance level on the benchmark PSEi.

“The local market continued to buy up after nerves were calmed following Super Thursday,” Regina Capital Corp. Managing Director Luis Limlingan said.

Foreign buying buoyed the market, he added.

The bellwether PSEi rose by 0.40 percent, or 31.61 points, to close at 7,990.24. The wider All Shares gained 0.25 percent, or 11.73 points, at 4,749.13.

PSE data showed foreign investors were net buyers at P881,954,247.11. Foreign buying totaled P4,667,127,367.23, and foreign selling amounted to P3,785,173,120.12.

More than 1.47 billion shares, valued at P8.1 billion, were traded during the session. Winners led losers, 96 to 85, while 54 issues traded unchanged.

On Thursday, Former Federal Bureau of Investigation (FBI) Director James Comey testified before the US Senate, saying that President Donald Trump pressured him to end a probe into a top former aide, then fired him in an attempt to change the course of the larger Russia probe, and then launched a campaign of “lies” to discredit him.

The UK general elections and the European Central Bank’s positive economic outlook economic growth—while keeping interest rates unchanged—were seen as market-moving developments, according to Regina Capital.

Sectoral indices were mixed. Holding Firms was up 0.51 percent, Services rose 0.46 percent, Property gained 0.45 percent, and Financials posted insignificant gains at 0.04 percent. Industrials was down 0.04 percent and Mining and Oil declined by 0.16 percent.

Among the most actively traded issues, DMCI Holdings Inc. was gained 2.11 percent, or P0.30 at P14.50 per share. International Container Terminal Services Inc. advanced by 1.73 percent, or 1.80 points, to P105.80, and SM Prime Holdings rose by 1.30 percent, or P0.45 at P35.


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