For­eign buy­ing drives stock in­dex past 8,000

The Philip­pine stock mar­ket breached the 8,000 mark yes­ter­day, sur­pass­ing ex­pec­ta­tions.

The Philippine Star - - BUSINESS - By IRIS GON­ZA­LES

Traders said for­eign buy­ing in the lat­ter part of the day propped up the in­dex.

“For­eign flows may have driven the come­back as we ini­tially saw an out­flow in the morn­ing at the same time when the in­dex was weak. The sell­ing tran­si­tioned to a buy­ing fig­ure through­out the day, how­ever, to fi­nally end with a P986 mil­lion print,” said Gio Perez of Papa Se­cu­ri­ties.

The bench­mark Philip­pine Stock Ex­change in­dex (PSEi) soared 120.05 points to set­tle at 8,024.14, gain­ing mo­men­tum in the lat­ter part of trad­ing ses­sion.

Yes­ter­day’s close was the high­est close since April 12, 2018, when the in­dex fin­ished at 8,043.07.

Sim­i­larly, the broader All Shares in­dex gained 56.45 points, or 1.19 per­cent, to fin­ish at 4,786.60.

Traders were ex­pect­ing the in­dex to breach the 8,000 mark this quar­ter but it came much sooner than ex­pected.

The rest of the coun­ters were also all in the green with the in­dus­trial, hold­ing firms and fi­nan­cials ral­ly­ing by 2.14 per­cent, 1.62 per­cent and 1.40 per­cent, re­spec­tively.

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