Index bucks regional downturn, ends higher

MANILA, Philippines — The stock market bucked the sluggish performance of its regional counterparts as it opened the week stronger.

The Philippine Stock Exchange index (PSEi) rose 0.32 percent or 26.03 points to close yesterday’s trading at 7,988.16.

The broader All Shares index also finished in positive territory at 4,896.11, up 0.25 percent or 12.28 points. 

“PSEi leads its regional peers after coming back from the holiday. Because of the holiday, the market has just now digested the positive news that the March 1 deadline for US-China talks has been extended, building on optimism that it will be solved sooner than later,” AAA Southeast Equities Inc. president William Cabangon said.

“We saw large foreign buying, upwards of P1.2 billion, with local players still selling into the rally,” he said.

All counters ended in the green except for financials, which dropped 0.43 percent.

Those in the green, meanwhile, were led by mining and oil and holding firms which picked up 0.82 percent and 0.60 percent, respectively.

Value turnover was robust at P10.93 billion. However, market breadth was negative as decliners edged out advancers, 104 to 91, while 51 shares were unchanged.

Cabangon said the main index may prove difficult to meaningfully breach the 8,000 level until there is more clarity on the next BSP chief and on the global trade talks.