PSEi closes in the green on foreign buying
Share prices on the Philippine Stock Exchange recovered slightly on Friday, supported by foreign funds that tracked gains in the US and Asian markets.
The benchmark PSEi gained 1.37 points or 0.02 percent to 8,814.62 at the closing bell. The broader All Shares declined by 2.66 points or 0.05 percent to close at 5,098.75.
Foreign funds bought P4.500 billion of shares during the session and sold P4.358 billion for a net buying position of P141.936 million.
“The market tried to recoup some losses from yesterday’s decline after seeing the US and some Asian markets recover,” Juanis Barredo, chief technical analyst at COL Financial, told GMA News Online.
A report by Reuters noted the MSCI’s broadest index of Asia-Pacific shares rose 0.2 percent, following two straight sessions of decline, while Wall Street’s three major stock indexes hit record highs lifted by US earnings optimism and a rise in oil prices.
Barredo sees volatility from technical corrections hounding the market after trading at all-time highs.
More than 649.240 million shares valued at P7.946 billion, changed hands. Decliners led advancers, 103 to 96, and 48 issues were unchanged.
Week-on-week, the PSEi gained 44.62 points or 0.51 percent from 8,770.00 on Jan. 5. Year-to-date, it rose by 256.2 points or 3 percent from 8,558.42 on December 29, the last trading day of 2017.