Foreign funds further fuel stock market’s ascent

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.

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.

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.

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.