The Philippine benchmark index, the Phisix, recouped its post election losses and surged past the pre-May 10 levels. Foreign and local buying highlighted the session as advancers beat decliners 51 to 7, for its fifth consecutive positive market breadth with volume peso turnover expanding by P 666.410 million, the highest turnover since June 2nd. Net foreign buying accounted for P 42.768 million with the gist of the volume going to market leader PLDT(+2.29%), followed by bank heavyweights BPI (+3.61%) and MBT (+3.67%). The largest net foreign selling was accounted for by Meralco B (-1.66%) and SM Primeholdings (unchanged).
Only the mining index closed marginally lower among the other indices, taking a reprieve from its recent blistering run.
The Phisix, since its trough in May 19, has crept higher, probably due to positive expectations of peaceful conclusion to the recent national elections. Since May 19 the Phisix has grown 7.15% or 105 points. Chartwise, today’s gain of 30.65 points or 1.99% advance came at a significant break from its minor resistance level of 1,551 which may indicate that the momentum would mostly likely persist in the following days.
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