Stocks up on last-minute rally, foreign funds still net sellers

MANILA, Philippines — The local stock market made a surprise last-minute rally yesterday, taking the cue from Asian shares which all finished higher.

The benchmark Philippine Stock Exchange index (PSEi) rose 142.37 points or 1.82 percent to finish at 7,938.35.

Likewise, the broader All Shares index went up by 56.07 points or 1.18 percent to finish at 4,797.21.

All the other sectors rallied, led by mining and oil, financials and industrial gauges.

Total value turnover, however, reached only P7 billion although market breadth was positive with 113 advancers to 72 decliners, while 62 issues were unchanged.

“Asian shares edged higher yesterday after The People’s Bank of China said it was planning to revamp its loan prime rate in favor of lowering borrowing costs to help support businesses hurt by weak demand because of the trade war. Here at the PSE, the main index ends the day up 1.83 percent on last-minute buying. It had been flat prior to the close,” said Christopher Mangun of AAA Securities.

However, he noted that foreign funds mostly flowed out, with net foreign selling at P182 million.

This, he said, indicates that investors still remain very cautious.