Close  

Foreign funds further fuel stock market’s ascent

/ 05:10 AM July 20, 2019

The stock barometer gained slightly on Friday as foreign funds continued to flow back to local equities.

The main-share Philippine Stock Exchange index (PSEi) added 12.02 points, or 0.15 percent, to close at 8,270.07.

ADVERTISEMENT

For the week, the PSEi gained a total of 128.25 points, or 1.57 percent. It also returned to bullish territory.

Local stock brokerage Papa Securities said the trek back to the 8,500 level remained alive with the continued net foreign buying and the positive movement from the US markets.

FEATURED STORIES

It added the 8,200 support level remained strong. “This 61.8-percent [fibonacci retracement] area should be treated with importance as bias now in the near-term is a sideways movement between this and the 76.4-percent fibo of 8,538,” it said.

On Friday, the mining/oil counter gained 2.21 percent while the financial, holding firm and property counters all slightly gained.

The industrial and services counters both dipped.

Value turnover for the day amounted to P6.74 billion.  There was net foreign buying for the sixth straight session, resulting in P759.8 million in net inflows on Friday alone.

Despite the PSEi’s gain, market breadth was negative.  There were 102 decliners that edged out 94 advancers, while 53 stocks were unchanged.

Megaworld led the PSEi higher with its 3.04-percent gain, while its parent conglomerate AGI rose by 2.05 percent.

BPI and SM Prime both rose by 1 percent, while Ayala Corp., Metrobank, Globe Telecom, PLDT, BDO, SM Investments and Metro Pacific all firmed up.

ADVERTISEMENT

Outside of the PSEi, notable gainers included Nickel Asia, which surged by 11.11 percent.  Premiere Horizon also rose by 4.88 percent.

Meanwhile, URC declined by 1.83 percent. Ayala Land, ICTSI, Jollibee, SMC and Security Bank also slipped.

One noticeable decliner outside the PSEi was home improvement retailer Wilcon Depot, which slid by 3.57 percent. An industry competitor, Villar-family led AllHome Corp., is planning a P20-billion stock debut this year.

Read Next
LATEST STORIES
MOST READ
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Business, economy, Stock Market
For feedback, complaints, or inquiries, contact us.
newsinfo

One-year extension of 2019 budget sought

August 19, 2019 05:35 AM

globalnation

POEA cracks down on 21 foreign, 19 local recruiters

August 19, 2019 05:30 AM

newsinfo

DENR to LGUs: Set up landfills or face sanctions

August 19, 2019 05:19 AM

newsinfo

Davao artists seek space at Kadayawan

August 19, 2019 05:17 AM



© Copyright 1997-2019 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.