PH stocks zoom past 8,000

The local stock barometer closed past the 8,000 mark for the first time this year as foreign funds returned to local equities.

Bucking sluggish regional markets, the Philippine Stock Exchange index (PSEi) racked up 120.05 points, or 1.52 percent, to close on Monday at 8,024.14.

“The PSE had another great day as it closed above 8,000, which is a level we have not seen since April of last year. The main index started the day down more than 60 points but then slowly climbed up throughout the day,” said Eagle Equities head of research Christopher Mangun.

“Last-minute buying pushed the PSEi up to close above 8,000. Foreign investors continue to buy this market which is a huge positive. However, the momentum will not be sustainable unless we see it relieve some pressure,” Mangun added.

Foreign investors pumped P985 million in net inflow to the market for the day.

All counters were up but the industrial counter led the PSEi’s gain, rising by 2.14 percent.