Foreign fund flows often serve as a critical determinant to the stock market’s direction, for they account for over 50% of total value turnover on the average. So, when they enter, the market goes up, and when they exit, the market goes down.   

This is exactly what happened in the market’s latest rally in the last two weeks. Foreign investors shifted into the net buying position. The amount they poured in overwhelmed domestic profit-taking. It also enabled the Philippine Stock Exchange Index (PSEi) to break the 6,400 milestone that stubbornly held in the last four months.

Curiously, foreign investors appear to have been favoring Enrique Razon Jr.’s International Container Terminal Services Inc.…