Optimistic domestic investors prop up market; index edges closer to 7,300

📆 2020/12/15 12:46:00
📰 inquirerdotnet

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The local stock barometer edged higher at the beginning of a new trading week as optimistic domestic investors scooped up shares dumped by foreign investors.

The Philippine Stock Exchange index added 35.19 points or 0.49 percent to close on Monday at 7,281.35. Elsewhere in the region, trading sentiment was mixed.“The PSEi inched higher as gains from blue chip banks offset losses from large-cap property issues. The lack of selling pressure at the beginning of the trading session caused buyers to rush in and take prices higher.

The market’s improving sentiment was supported by a favorable news flow on coronavirus vaccine development and the government’s easing of domestic lockdown measures. Value turnover for the day amounted to P8.93 billion. Domestic investors made up for about P816.65 million in net foreign selling.ADVERTISEMENT

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