Blue chips drive up index
MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) gained by 73.50 points, or 0.95 percent, to finish at 7,756.72, driven mainly by large cap stocks, according to market analysts.
The broader All Shares index also rose by 22.22 points, or 0.47 percent, to finish at 4,688.39.
All other sectoral gauges were also up except for the services index.
Total value turnover reached P6.9 billion. Market breadth was positive, 116 to 66 while 51 issues were left unchanged.
Foreign buying and selling were almost equal at P4.1 billion, resulting in a net foreign buying of a mere P5.2 million.
Traders said markets in Asia ended higher after China resumed trading after a week-long holiday.
Christopher Mangun, head of research of AAA Securities said: “Blue chips like SM, BDO and Ayala Corp. ended slightly higher, carrying the whole index along with it. More than half of trading today was done by foreign investors. Fund flows were mostly balanced with net buying of P5 million.”
However, he noted that the PSEi ended slightly above the 7,750 resistance level yesterday. “We may not see it hold this level for very long. It is up almost three percent in the last three trading days which can be called a correction after the massive losses that we have seen in the last two weeks,” Mangun said.
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