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Late buying pushes PSEi slightly higher
The benchmark Philippine Stock Exchange index or PSEi finished at 6,326.83, up 9.42 points or 0.15 percent. Likewise, the broader All Shares index closed 1.25 percent or 0.03 percent higher at 3,907.96.
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Late buying pushes PSEi slightly higher

Iris Gonzales (The Philippine Star) - May 12, 2021 - 12:00am

MANILA, Philippines — In an erratic trading session, stocks closed marginally higher yesterday following a last-minute buying binge as investors scouted for bargains after a dip caused by a lower-than-expected first quarter economic contraction.

The benchmark Philippine Stock Exchange index or PSEi finished at 6,326.83, up 9.42 points or 0.15 percent. Likewise, the broader All Shares index closed 1.25 percent or 0.03 percent higher at 3,907.96.

“Local market initially traded in the positive territory, but reversed gains after first quarter gross domestic product showed a contraction of 4.2 percent. However, index closed in the green on last-minute buying,” AB Capital Securities said in a market commentary.

Trading remained muted with turnover at P4.6 billion. Foreigners were net sellers anew at P282 million.

“Net foreign selling is already on a 28-day streak averaging P674.99 million per day,” Philstocks Financial analyst Japhet Tantiangco said.

Market breadth was negative as decliners outnumbered advancers, 122 to 82, while 43 issues were unchanged.

Tantiangco said last-minute bargain hunting lifted the local market higher for a second straight day.

“Investors took opportunity out of the market’s dip within the trading day caused by the dismal first quarter 2021 economic figures. The progress in the country’s COVID-19 vaccine procurement helped spur positive sentiment,” he said.

In Asia, most bourses skid yesterday after selling of several big tech companies pulled US benchmarks lower.

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