Philippine Stock Bulls on a Roll as Overseas Funding Returns
- PSEi may break 8,000 in first quarter: Rizal, AB Capital
- Foreign funds post longest streak of inflows in five months
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Philippine bulls are on a roll, and who can blame them? The nation’s equities index has started the year beating many global peers, and foreign fund managers are putting back money in a market that was among Asia’s worst in 2018.
Traders at Rizal Commercial Banking Corp. and AB Capital & Investment Corp. are riding the rally by deploying their cash, rather than cutting their stock holdings as they did last year whenever equities went into high gear. The Philippine Stock Exchange Index has rallied more than 6 percent in the first trading days of January, including a 2.8 percent gain Wednesday. It closed at an eight-month high, breaking a key resistance level and moving closer to the 8,000 that traders say it could surpass this quarter.