Foreign investors have pushed the Philippine Stock Exchange Index above 6,400 in the past two weeks through net buying in shares such as International Container Terminal Services Inc. and Century Pacific Food Inc.
The PSEi broke the 6,400 level after foreign funds shifted to net buyers, outweighing local profit-taking. The index last closed above this mark on February 10 at 6,474.60.
Market gains followed cooling US inflation data, with the June CPI at 3.5 percent and PPI down 0.3 percent. Analysts linked the flows to lower global rate concerns and the Bangko Sentral ng Pilipinas raising its benchmark rate to 4.75 percent.
On July 21 the index fell 81.92 points to 6,333.80. It closed at 6,267.85 on July 22 after dropping 65.59 points. Brokerage executives noted the pullback reflected higher oil prices and upcoming index changes, while medium-term support rests on corporate earnings.
