PSEi records a week of highs
MANILA, Philippines – Except for a retreat on Thursday, the Philippine Stock Exchange index (PSEi) closed on a record high Friday, January 30, buoyed by the 4th quarter rebound of the country’s gross domestic product (GDP) and the overnight strong performance of US stocks.
“The market has remained resilient, buoyed by investor confidence on expectations that the economy will continue to do well,” PSE president and chief executive officer Hans B. Sicat said.
PSEi closed at a new record 7,689.91, up by 72.61 points or 1% on Friday, surpassing the January 28 record at 7,661.18.
Friday’s high is PSEi’s 7th record finish since the start of the year.
PSEi broke past the 7,600 mark on January 27, closing at 7,630.57, advancing 43.90 points or 0.6%.
On January 26, the index climbed to its 4th record-high close for 2015 at 7,586.67.
January 29 saw a slump though as PSEi was down 7,617.30, 43.88 points lower or 0.6%.
But year-to-date, the PSEi is up 6.4%.
On January 22, COL Financial Philippines said that it has upgraded its end-2015 target for the bellwether PSEi to 8,300 from the original target of 7,800 amid ample liquidity both globally and domestically.
The index is also on its way of hitting the 10,000 level over the next two to 3 years at the earliest, or by 2020 at the latest.
“We believe that the market will continue to move higher in 2015, bringing the PSEi well on its way to meet our goals of 10,000 by 2020 at the latest,” COL Financial research head April Lynn Tan said. – Rappler.com