Stock market rallies on strong foreign buying

The rally that market investors were waiting for since last week finally happened yesterday buoyed by strong foreign buying.

The benchmark Philippines urged by 92.90 points, to Stock Exchange index (PSEi) close at 8,008.53.

Likewise, the broader All Shares index rose 42.92 points, or 0.88 percent, to close at 4,909.88.

All gauges were up yesterday except for the mining and oil index.

Total value turnover was likewise robust at P9.8 billion. Market breadth was positive 110 to 96 while 42 issues were left unchanged.

Traders said foreign buying worth P7.10 billion helped prop up the market,while foreign selling stood at P6.13 billion for a net foreign buying of P970 million.

Companies that finished strong are the International Container Terminal Services Inc. (up 2.85 percent), Megaworld (up 1.39 percent), Manila Electric Co. (up 2.94 percent) and Universal Robina Corp. (up 2.31 percent).

“The PSEi traded strongly throughout the entire day on strong volume and net foreign inflows to even get a boost at the close to end at 8,008.53,” said Papa Securities analysts Gabriel Perez.

ICTSI had the highest net foreign buying at P123 million.