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MANILA, Philippines — The local stock index rose to nearly the 6,300 mark on Wednesday on foreign investors’s heightened risk appetite.
Climbing up for the fourth straight session, the Philippine Stock Exchange index surged by 100.65 points or 1.63 percent to close at 6,294.62.
Joseph Roxas, president of local stock brokerage Eagle Equities Inc., said the equities market was boosted by a resurgence in foreign buying.
“Emerging markets are now cheaper than developed markets,” Roxas said, suggesting that recent pullback in equities had provided a more attractive entry level for foreign investors.
Based on PSE data, foreign buying amounted to P4.77 billion versus the foreign selling of P3.69 billion for the day, leaving a net foreign inflow of P1.08 billion.
All counters were up but the best performers were the property and holding firm sub-indices which both surged by over 2 percent.
The rally was accompanied by a larger turnover of P8.8 billion. There were 110 advancers against 52 decliners.
ALI and AGI led the day’s advance, both rising by over 5 percent, while AC rose by over 4 percent while AP and Semirara surged by over 3 percent. Gokongwei-led URC and JGS both gained over 2 percent while DMCI, Megaworld, RLC and BPI rose by over 1 percent.
Investors also loaded up on shares of BDO, PLDT, SMPH, Metrobank and Jollibee.
Outside of the main index, notable gainers were Meralco and Cosco, which both gained over 4 percent.
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