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Strong US finish helps in late push to drive PSEi up
“Local shares ended the week on a positive note, as bottom fishing drove the PSEi to close in positive territory as most of the session was spent in the red,” said Luis Limlingan of Regina Capital.
STAR/ File

Strong US finish helps in late push to drive PSEi up

Iris Gonzales (The Philippine Star) - May 15, 2021 - 12:00am

MANILA, Philippines — Improved sentiment helped a last-minute push to drive the main index higher yesterday as foreign funds finally snapped out of a 29-day net selling binge, traders said.

“Local shares ended the week on a positive note, as bottom fishing drove the PSEi to close in positive territory as most of the session was spent in the red,” said Luis Limlingan of Regina Capital.

The benchmark Philippine Stock Exchange index or PSEi ended at 6,296.36, up 32.96 points or 0.52 percent, while the broader All Shares index remained in the red, finishing at 3,850.98, down 7.02 points or 0.18 percent.

AB Capital Securities said the local market tumbled as much as 155 points and was trading in negative territory but climbed back on last-minute buying.

“Foreigners turned net buyers after 29 sessions with P2 billion, however net foreign selling was prevalent with P824 million,” it said in a market commentary.

Total value turnover reached P11 billion. Market breadth was largely negative, 152 to 50, while 52 issues were unchanged.

Limlingan said sentiment got a boost as US stocks rose on positive jobs data, putting a stop to Wall Street’s three-day downturn.

Asian markets were generally buoyed by Wall Street’s strong finish overnight as reassurances from Federal Reserve officials about the transitory nature of surging inflation soothed nerves.

“Overall, the negative feedback loop seen in the risk assets and global equities triggered by the heightened risk of global inflationary pressure seems to have subsided,” Kelvin Wong, a market analyst with CMC Markets wrote.

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