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7K pierced on buying spree

Excluding block sales, however, foreign selling prevailed with a P200 million net, brokerage house AB Capital Securities Inc. noted

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Market’s key gauge flirted with the 7,000-level yesterday but gains were cut towards the end of the session and reversed on selling at close.

Net foreign buying persisted as it reached P3.6 billion.

Excluding block sales, however, foreign selling prevailed with a P200 million net, brokerage house AB Capital Securities Inc. noted.

A trader said the Philippine Stock Exchange index (PSEi) breached the 7,000 level as a result of the unusually high trade volume at the start of the day.

The PSEi then settled at 6,920.36, down 47.78 points on 102,161 shares exchanged valued at P7.304 million.

Cautious optimism
Investors trod cautiously in early Asian trade as they awaited US inflation data that could play a key role in determining when the Federal Reserve will start winding down its market-supporting monetary policy.

The first gain for Wall Street’s S&P 500 and Dow after a five-day losing streak was not enough to spur a broad advance in Asia, though Tokyo was on course to clock its highest finish in more than 30 years on hopes for fresh stimulus.

Experts are also keeping an eye on China after authorities tightened their grip on the technology sector as part of a wide-ranging regulatory crackdown against private enterprises.

The main event this week is the release later Tuesday of US consumer price data, which comes days after figures showed the cost firms pay at the factory gate had risen last month at a record pace owing to a jump in demand as well as supply and labor shortages.

Confidence has also been knocked by fears about another coronavirus flare-up in China, with dozens of positive cases in Fujian province forcing authorities to carry out mass tests and shut down public transport in one county.

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