Foreign funds trickling back to PH market; shares end week on an upbeat note

The local stock exchange ended the week on an upbeat mood as foreign flows trickled back to the market on hopes of a global economic recovery in the foreseeable future.

The main-share Philippine Stock Exchange index (PSEi) racked up 91.73 points or 1.28 percent to close at 7,246.16, tracking mostly firmer regional markets.

“Investors flocked back into the Philippine market as US stocks ended flat on Thursday due to disappointing unemployment data and ongoing stimulus package debates,” said Luis Gerardo Limlingan, managing director at Regina Capital Development.

Meanwhile, he noted that oil prices based on Brent Crude had spiked to over $50 per barrel for the first time since March this year, when the COVID-19 contagion out of Wuhan, China, turned into a global problem.

“The price surge was mostly caused by hopes of faster demand recovery on the back of the release of COVID-19 vaccines, which offset the rise in US crude inventories,” he said.

At the local market, all counters ended higher, led by the property sector which surged by 2.72 percent.

The holding firm counter and mining/oil counters both added over 1 percent, while the financial, industrial and services all firmed up by less than 1 percent.

Value turnover for the day amounted to P9.88 billion. There was net foreign buying of P212 million.

There were 155 advancers that edged out 77 decliners, while 40 companies were unchanged.

The index was led higher by property developers RLC and Ayala Land, which added 4 percent and 3.87 percent, respectively.

Metrobank and SM Prime both rose by over 2 percent, while BDO, SM Investments, Metro Pacific and URC all added over 1 percent.

PLDT, Ayala Corp., Security Bank and ICTSI all added less than 1 percent.

Outside the PSEi, notable gainers included Premiere Horizon, which surged by 16.67 percent in heavy volume.

On the other hand, Puregold and Meralco both declined by over 1 percent, while BPI, Jollibee and Globe all lost less than 1 percent.

Outside the main index, one of the most battered stock was Abra, which fell by 3.85 percent in heavy volume.

—Doris Dumlao-Abadilla