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Manila Bulletin devider Business devider Stocks surge on foreign buying

Stocks surge on foreign buying

Published Jan 9, 2023 04:05 pm

The local stock market resumed its upward trek after a brief respite last Friday, as investor sentiment was boosted by upbeat overseas markets.

The main index jumped 122.27 points or 1.83 percent to close at 6,790.24 as Miners and Banks led all sectors in the rally. Volume was also firmer at 2.46 billion shares worth P6.41 billion as gainers trounced losers 148 to 47 with 43 unchanged.

“Investors picked up where they left off last week, as foreign buying continued to dominate the start of the year,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Investor confidence also got a boost from the US, as stocks ended sharply higher Friday, with the Dow jumping 700 points, after an employment report showed wage gains slowed in December.”

Philstocks Financial Assistant Research Manager Claire Alviar said “The local bourse surged amid positive spillover from Wall Street and Asian markets.

She noted that, “Investors in the US reacted positively after the US non-manufacturing PMI contracted, tempering rate hikes expectation this year. Also, Asian markets are cheering the reopening of China’s borders with Hong Kong, signaling a further easing of Covid-19 restrictions.”

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Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Claire Alviar
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