Positive sentiment lifts PH stocks

The local stock barometer retested the 6,800 level on Tuesday before paring gains, riding on strong sentiment from foreign investors.

The Philippine Stock Exchange index added 17.44 points or 0.26 percent to close at 6,784.95, rising for the fourth straight session. The index is now trading at its highest level for 2014.

The PSEi hit a high of 6,815.26 in intra-day trade but gave up some gains as some investors pocketed gains.

Dealers said sentiment was very strong, making up for the usual post-holiday lethargy among domestic investors. Net foreign buying for the day was heavy at P2.68 billion, based on PSE data.

Joseph Roxas, president of Eagle Equities, said foreign investors were not on holiday break and had ample liquidity to invest in the Philippines.

Value turnover for the day amounted to P10.36 billion. There were 107 advancers that beat 77 decliners while 33 stocks were unchanged. Doris C. Dumlao