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Foreign buying lifts stock market

March 16, 2019

THE stock market rallied at the last minute on Friday on account of foreign buying and bargain-hunting.

The benchmark Philippine Stock Exchange index (PSEi) rose by 0.62 percent or 47.86 points to finish at 7,798.28.

The broader All Shares grew by 0.59 percent or 28.02 points to end at 4,813.03.

Philstocks Financial Inc. research associate Japhet Louis Tantiangco said heavy foreign inflows, coupled with a last-minute bargain-hunting, had buoyed the index.

Net foreign buying stood at P1.8 billion as foreign buyers bought P17.78 billion worth of shares and sold P15.97 billion.

In a separate comment, Regina Capital Development Corp. head of sales Luis Limlingan said investors bought Philippine equities on hopes of a trade deal between the United States and China.

The market traded in line with most regional counterparts, except for Bangkok that declined by 0.52 percent.

Tokyo rose by 0.77 percent, Shanghai added 1.04 percent and Hong Kong grew 0.56 percent. Seoul gained 0.95 percent, Jakarta rose 1.10 percent and Singapore inched up 0.13 percent.

Sectoral results all finished in the green in Manila, with the property index up the most by 1.72 percent.

Volume turnover stood at 1.37 billion shares valued at P20.8 billion.

Winners led losers, 103 to 88, while 41 issues were unchanged.

Credit belongs to : www.manilatimes.net

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