Index gets boost from foreign buying

MANILA, Philippines — Foreign buying propped up the stock market yesterday, sustaining the previous day’s gains.

Thus, the benchmark Philippine Stock Exchange index (PSEi) rose 38.80 points, or 0.50 percent, to end at 7,836.55.

Likewise, the broader All Shares index was also up by 17.27 points or 0.35 percent to finish at 4,822.06.

Meanwhile, the sectoral indices were a mixed bag with the property, mining and oil and the holding firms gauges finishing in the negative territory. The rest ended in the green.

Total value turnover was thin at P6.568 billion. Market breadth was positive, 97 to 80 while 53 issues were unchanged.

For the first time in 19 sessions, foreign buyer were net buyers of Philippine stocks.

Foreign buying reached P3.5 billion, while foreign selling was at P3.1 billion for a net foreign buy of P392 million.

Traders said economic prospects fuelled by the anticipated increase in infrastructure spending provided the market some boost yesterday.

Infrastructure giants have been awaiting more state spending for big ticket infrastructure projects as these create jobs and could help ease traffic congestion.

San Miguel Corp. for instance is looking to do a joint project with the Department of Transportation to ease traffic in EDSA by providing a lane in the Skyway for buses, which means they will be able to bypass EDSA, SMC president and COO Ramon Ang said yesterday.

A number of railway projects such as the North South Commuter Rail Project are also in the pipeline.a