Foreign buying boosts share prices

MANILA, Philippines -  The benchmark Philippine Stock Exchange index breached the 7,600 level yesterday on strong foreign buying,  but tempered its gains at the close  to settle 18.43 points up at  7,583.75.

Similarly, the broader All Shares index closed 15.35 points higher at  4,524.16. 

BDO Capital & Investment Corp. president Ed Francisco said a host of positive developments influenced yesterday’s trading session.

 “There’s a lot of foreign buying,” Francisco said.

He said optimism that the country’s first quarter gross domestic product (GDP) growth may reach at least seven percent also encouraged investors to go back to the market and to park their funds in equities.

 “There’s really very strong liquidity,” he said.

Total value turnover reached P9.74 billion as advancing stocks outnumbered decliners 93 to 80 while 63 issues were left unchanged.

Monetary authorities expect  a seven-percent gross domestic product growth for the country in the first quarter.

Socioeconomic Planning Secretary Ernesto Pernia has said the first quarter GDP may be close to the mid-range target for 2017 which was 6.5 to 7.5 percent.

The economy grew  6.8 percent last year.

Most sectoral indices led by the holding, services, mining and oil sectors ended in positive territory.

Francisco  said the successful meetings of ASEAN finance ministers and central bank governors in Cebu also added to the market optimism.