Foreign buying lifts PSEi nearly 1%

Share prices on the Philippine Stock Exchange rebounded for the second straight session rising almost 1 percent as foreign funds flowed back into the market after "dovish" statements from the US Federal Reserve on interest rate increases.

"We have net foreign buying today ... This is due to relief rally following the Fed rate hike," Jose Vistan, head of research at AB Capital Securities Inc., told GMA News Online.

"The market finally got the worries out as the Fed announced only two or three more interest rate increases this year," he said.

The main PSEi gained 66.42 points or 0.91 percent to 7,345.02 at the closing bell. The broader All Shares increased by 31.12 points or 0.71 percent to 4,417.20.

PSE data showed foreign transactions comprised P10.138 billion of buying and P9.969 billion of selling that resulted in net foreign buying of P169.084 million.

More than 1.898 billion shares, valued at P13.996 billion, changed hands. Advancers led decliners, 103 to 78, and 58 issues were unchanged.

Week-on-week, the PSEi gained 198.75 points or 2.70 percent from 7,146.27 on March 10, and surged by 504.38 points or 7.37 percent from 6,840.64 on December 29, the last trading day of 2016. — VDS, GMA News