THE stock market rose for a second straight day on Thursday to just shy of returning to the 8,000 level, buoyed by foreign fund inflows.
The benchmark Philippine Stock Exchange index (PSEi) rose to as high as 7,992.33 before ending the day up 0.83 percent or 65.56 points at 7,985.23. The broader All Shares added 0.78 percent or 36.94 points to close at 4,764.91.
Diversified Securities Inc. trader Aniceto Pangan said foreign investors were continuing to snap up local stocks following last week’s announcement of lower-than-expected December inflation.
P2P Trade Online sales associate Gabriel Jose Perez shared Pangan’s view, saying that another round of foreign inflows had propelled the index.
Net foreign buying stood at P1.5 billion on Thursday as foreigners loaded up on P6.8 billion worth of issues and disposed of P5.3 billion.
Expectations that the Federal Reserve will likely leave rates unchanged also helped boost sentiment, Pangan said, even as he warned of profit-taking for Friday.
The PSEi was among the few Asian markets that rose on Thursday, with most turning south as investors took a breather after rallies this week on optimism over US-China trade talks.
Tokyo led the losses, falling 1.3 percent, while Shanghai closed 0.4 percent off.
Seoul eased 0.1 percent and Wellington, Taipei and Mumbai also fell, though Sydney gained 0.3 percent and Singapore rose 0.5 percent.
Hong Kong rose 0.2 percent, extending a rally to five straight days.
In early European trade London fell 0.3 percent, Paris slipped 0.6 percent and Frankfurt was off 0.5 percent.
In Manila, most sectoral indices ended up, except for mining and oil, which slipped by 0.28 percent.
Over 2.1 billion issues valued at P10.1 billion changed hands.
Winners led losers, 109 to 82, while 51 issues were unchanged.