Foreign funds trickling back to PH market; shares end week on an upbeat note

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The local stock exchange ended the week on an upbeat mood as foreign flows trickled back to the market on hopes of a global economic recovery in the foreseeable future.

“The price surge was mostly caused by hopes of faster demand recovery on the back of the release of COVID-19 vaccines, which offset the rise in US crude inventories,” he said.

The holding firm counter and mining/oil counters both added over 1 percent, while the financial, industrial and services all firmed up by less than 1 percent.There were 155 advancers that edged out 77 decliners, while 40 companies were unchanged. Metrobank and SM Prime both rose by over 2 percent, while BDO, SM Investments, Metro Pacific and URC all added over 1 percent.Outside the PSEi, notable gainers included Premiere Horizon, which surged by 16.67 percent in heavy volume.

 

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