PHILIPPINE shares extended their victory on Thursday as investors turn to listed firms’ upcoming announcements about their full-year profits.
The bellwether PSEi gained 153.66 points or 2.09 percent to 7,506.51 at the closing bell. The broader All Shares increased by 68.47 points or 1.57 percent to 4,422.72.
“There has been a shift of focus from the coronavirus concerns to market fundamentals. Attractive valuations are finally getting the spotlight backed by 2019 earnings anticipation,” Philstocks Financial senior equity analyst Japhet Tantiangco said.
Foreign players also boosted the market this after foreign funds bought P4.438 billion shares and sold P3.012 billion for a bet buying position of P1.425 billion.
“The net foreign buying in the Philippine market is also a welcome sight as investors continue to bargain hunt ahead of the earnings season,” Unicapital Securities equity analyst Christopher San Pedro said.
More than 6.223 billion shares valued at P7.040 billion, changed hands. Advancers led decliners, 115 to 70, and 46 issues were unchanged. (GMA News)
