Property stocks recover, PSEi closes at 7,900

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Metro Manila (CNN Philippines, January 17) — The Philippine Stock Exchange has made a recovery Thursday.

The market closed Thursday at 7927.20, with all sub-indices save for industrial and service in the green.

Heavyweights SM Prime Holdings (SMPH) and Ayala Corporation (AC), who brought the market down yesterday, also closed in the green.

This recovery reflected the strength of global markets.

"Philippine shares made a comeback driven by the overnight regional session, as investors cheered mostly positive earnings from financial institutions amidst uncertainty from a partial government shutdown," said Luis Limlingan of Regina Capital.

However, foreign selling continues to dominate SMPH figures, as well as with grocery giant Puregold Price Club Inc. (PGOLD).

"Best to scrutinize the net foreign flow figure of P3.8B today as a significant chunk of that came from PGOLD's block transaction from its placement. Without the PGOLD block, the day would have ended with a minimal P3M net foreign outflow," noted Gio Perez from P2P Trade Online.