Late buying lifts stocks to green zone anew
MANILA, Philippines — The stock market managed to recover yesterday on late buying after languishing in the red on Monday.
The benchmark Philippine Stock Exchange index (PSEi) edged up by 12.24 points, or 0.16 percent, to end at 7,381.68, while the broader All Shares index rose 2.78 points, or 0.06 percent, to settle at 4,465.38.
The sectoral indices which ended in positive zone were the services, industrial, and property sectors.
Gio Perez, a trader at Papa Securities, said “the index matched the gloomy weather once again with the PSEi being weak for most of the day until finally only being bought up at the close to end 12 points higher at 7,381.68.”
Trading was lackluster with a value turnover of only P3.585 billion without the P300 million in block sale, although still notably higher than Monday’s stunning P4.27 billion figure.
Net foreign selling also accelerated to P481 million from yesterday’s P279 million.
“The PSEi’s movement the past three days has really been reflective of the hesitation felt all around. The initial obstacle to overcome is still the 7,400 level,” Perez said.
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