PSEi breaks 9000 barrier for the first time
MANILA, Philippines – The Philippine Stock Exchange (PSE) hit another milestone by breaking past the 9000 mark for the first time.
The PSE Index (PSEi) ended trading on Friday, January 26 at 9,041.20, up by 42.03 points or 0.5% from yesterday’s close with all indexes up save for financials and mining and oil.
“While the PSEi was unsuccessful in its two attempts earlier this week to break the 9,000 level, today the index finally penetrated this important mark. The journey to record territory reflects the high confidence investors have in our market,” said PSE President and CEO Ramon Monzon in a statement on Friday.
“We are hopeful that the market’s level will be sustained on the back of solid macroeconomic fundamentals and on expectations of upbeat corporate earnings from our listed companies. Our market is likewise in sync with regional bourses that have reached record highs this month,” he added.
The PSEi has reached new all-time highs 8 times since the start of the new year while it is up 5.6% year-to date.
The local bourse was also was named the best stock exchange in Southeast Asia by institutional investment magazine Alpha Southeast Asia earlier this month, the 4th time in 5 years it has won the award.— Rappler.com