MANILA, Philippines – Some attribute the rally to the papal fever sweeping the country, as hours from now Pope Francis will officially start his 5-day Philippine visit from January 15 to 19, but analysts credit the plunging oil prices for the market’s continuing strong performance.
Ahead of the long weekend, The Philippine Stock Exchange index (PSEi) broke past the 7,500 level for the first time as it hit a new all-time intraday high of 7530.41.
The PSEi ended Wednesday, Jan. 14 at an all-time record close of 7490.88, up by 1.2% or 91.88 points.
“We are pleased to see the index reach a new record. We are optimistic that solid economic fundamentals and corporate profits will continue to fuel the market’s upward momentum,” said PSE president and CEO Hans B. Sicat.
The previous all-time high closing level was 7402.72.
The former record for an all-time intraday high was 7446.66 on Jan. 9 this year.
Lower oil prices ease inflation, thus making monetary policy more relaxed at least for the first half of the year, analysts gauged. (READ: The preferred consumer stocks in 2015)
PSE will be closed for trading on Jan. 15 and 16.
Trading resumes on Monday, Jan. 19. – Rappler.com
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