Stock index inches up

Philippine stocks inched higher Monday as a fund manager said domestic equities would continue to perform well in the current quarter.

The benchmark Philippine Stock Exchange ended higher by 0.14 percent, or 10.82 points, to 7,958.07 on Monday’s close. The broader all-shares index also gained 0.19 percent, or 8.52 points, to 4,555.64.

“We think our call of sustained rich valuations and foreign inflows to inundate Philippine equities is intact for much of Q2,” according to a report prepared by First Metro Investment Corp. and the University of Asia and the Pacific.

“We prefer to remain invested and take advantage of market corrections to increase exposure. There could still be gains in the next five months as risk associated with the market are likely to be more pronounced later in the year,” it added.

The rosy outlook came as 686.72 million shares valued at P8.13 billion changed hands Monday. The PSE said a total of 92 companies gained while 88 closed in the red and another 48 closed unchanged.

Foreigners were net sellers Monday to the tune of P781.88 million, data from the PSE showed. Miguel R. Camus