PSEi Jumps Back To 8,000 Mark
The Philippine Stock Exchange index (PSEi) jumps back to the 8,000 on Monday, supported by heavy foreign buying, it managed to outperform international markets. The PSEi jumped .44% or 114.86 points yesterday, closing at 8,084.88, which marked its fifth day of gains.
Unicapital Securities, Inc. Technical Analyst Jeff Radley C. See said in a text that the market became an outlier on Monday as foreign buying led the index above 8,000. The PSE got a total of ₱2 billion foreign buying for the past three trading days. Net foreign buying ballooned to ₱1.43 billion on Monday, about double Friday’s ₱734.41 million. This marks the third straight session of net inflows from foreign investors after 18 days of outflows.
Property registered the higher jump among the sectors after rising 3.29 percent and was trailed by the Holding Firms, 1.16 percent; Industrial, 0.90 percent; Mining and Oil, 0.79 percent; Financials, 0.47 percent; and Services, 0.25 percent. Volume reached 1.33 billion shares amounting to ₱10 billion.
The PSEi defied the negative performance of its international and regional peers as investors were concerned about geopolitical concerns.
Mr. See also added that the PSE index is trading near the top of the range at 8,150, and will remain bullish as long as it holds 7,900 and 8,000 as support. According to him, a break of 8,150-8,200 can send the index to 8,600 in the short term.