Late buying spurs rise in share prices

MANILA, Philippines — The stock market saw last minute buying yesterday which allowed the benchmark Philippine Stock Exchange index (PSEi) to close higher by 0.5 percent, or 37.16 points, to finish at 7,488.24 ahead of the Bangko Sentral ng Pilipinas’ policy rate setting meeting next week.

It is the last meeting of the BSP this year and traders widely expect the BSP to keep rates unchanged.

The broader All Shares gauge, meanwhile, gained 15.82 points or 0.35 percent to finish at 4,494.55.

On the other hand, the sectoral indices were a mixed bag with the financials, services and property gauges finishing in the red while the holding firms, mining and oil and industrial index ended in the green.

Total value turnover reached P11.9 billion. Market breadth was positive, 98 to 85 in favour of gainer while 44 issues were unchanged.

In all, the market managed a  last minute turnaround after trading in the red almost the entire day.

Net foreign selling also continued, with net foreign outflows of P984 million.

Among the biggest losers were BDO, down 2.5 percent, Globe Telecom, down 2.1 percent and LT Group, down 1.7 percent.

2GO Group hit the ceiling with a price surge of 49.9 percent after the Securities and Exchange Commission approved its merger with Negros Navigation (Nenaco).