Shares up, peso down

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    Share prices ended slightly higher yesterday as foreign investors flocked the market.

    The Philippine Stock Exchange index (PSEi) was up 38.42 points to 7,967.90, a 0.49 percent hike.

    The broader all-shares index was up 18.37 points to 4,804.82, reflecting a 0.38 percent increase.

    Gainers edged losers 119 to 65 with 58 stocks unchanged.

    Trading turnover reached P6.66 billion.

    The peso ended weaker yesterday, to 52.15 from 51.98 on Tuesday.

    The currency opened at 52.05, its high, and a low of 52.195.

    Trading volume totaled $1.436 billion.

    “It was a dull day for the (stock) market early on in the day, until a buy-up at the close led the index to finish 38.42 points higher at 7,967.90. Foreigners were still net buyers of P143 million, albeit lower than yesterday’s around P600 million print,” said Gabriel Jose Perez, trader at Papa Securities Corp.

    “As the US yield curve steepened further and with the EIA (US Energy Information Administration) cutting oil price forecasts, investors quietly bought into key names towards at closing,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    Aboitiz Power Corp. (2.4 percent), Alliance Global Group Inc. (2.2 percent), and Ayala Land Inc. (2 percent) had the highest gains of the day.

    Puregold Price Club Inc. (-3 percent), LT Group Inc. (-1.7 percent), and Globe Telecom Inc (-1.5 percent) had the largest losses.

    “With the index’s good close today, we still look to its resistance at the key 8,000 mark. Continued net foreign buying will be the index’s driver,” he added.