Foreign buying lifts PSEi to 6,500
MANILA, Philippines – The local stock market is on a 7-day rally, reaching the 6,500 level on Thursday, June 4, with more foreign investors buying stocks.
The Philippine Stock Exchange index (PSEi) jumped 4.35% to 6,517, with the broader all shares gaining 3.46% and all other counters in the green.
From the 52-week low of 4,039, the PSEi is now up by 61.4%. However, year-to-date returns still stood at -16.6%. (READ: Coronavirus meltdown: Circuit breaker triggered as PSEi falls 10%)
Japhet Tantiangco of Philstocks said the rally was sustained by the optimism stemming from the easing of local quarantine measures in the Philippines, and the reopening of economies abroad amid the coronavirus pandemic.
Tantiangco added that net foreign inflows are "building up lately, which in turn is helping in keeping the market's upward momentum."
"Four out of the last 5 days, the local market has been supported by net foreign buying with today amounting to P1.4 billion. In the last 5 trading days, net value turnover has also been strong, averaging P10.4 billion, higher than the year-to-date average of P5.7 billion, showing that our current rally has conviction," Tantiangco said.
GT Capital (15.3%), Ayala Corporation (5.6%), SM Prime (1.3%), Bank of the Philippine Islands (6.9%), and SM Investments (5.5%) were the most actively traded stocks on Thursday.
Philippine Savings Bank was up 17.5%, making it the top gainer, while Millennium Global Holdings was the biggest loser at -17%.
There were 132 advancers and 65 decliners on Thursday, while 42 remained unchanged. – Rappler.com