Late buying pushes index into the green

MANILA, Philippines — Shares rose anew yesterday, closing past the 7,100 mark and ending the week higher as late buying in oversold stocks drove the main index higher.

The benchmark Philippine Stock Exchange index (PSEi) closed the week in positive territory, ending at 7,124.84, up 42.23 points or 0.60 percent.

The broader All Shares index gained 15.24 points or 0.41 percent to close at 3,774.59.

“Market-on-close buying propped up the index after trading mostly in the red throughout the day. Only nine out of 30 index stocks closed in negative territory while the broader market was balanced with 93 against 84 losers,” AB Capital Securities said in a commentary.

In Asia, most markets fell after Western governments promised new sanctions on Russia and President Vladimir Putin tried to prop up Moscow’s sinking ruble by threatening to require Europe to use it to pay for gas exports.

Western leaders meeting Thursday promised additional sanctions, which US President Joe Biden said were meant to “increase the pain” on Putin. But the leaders released no details of possible new penalties.

Putin threatened to require European customers that rely on Russia gas supplies to pay in rubles. That would increase demand for the Russian currency, pushing up an exchange rate that has slumped under sanctions.

European leaders on Thursday rejected the possibility, potentially setting up a clash over energy supplies.

Putin’s demand is a “cunning gambit meant to frustrate sanctions” while “elevating uncertainty for the West,” said Tan Boon Heng of Mizuho Bank in a report.

Russia’s Feb. 24 invasion of Ukraine sparked investor unease about the impact on prices of oil, gas, wheat and other commodities. Russia is the second-biggest oil exporter and both Moscow and Ukraine are major wheat suppliers.