Philippine stocks finally climb to 8,000

LONG CLIMB. Philippine shares finally reach 8,000 on January 14, 2019.

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MANILA, Philippines – After a long wait, the Philippine Stock Exchange index (PSEi) finally climbed to the 8,000 level on Monday, January 14.

The index closed at 8,024.14 points, up by 1.52% from the level last Friday, January 11.

Volume turnover was at 1.13 billion shares valued at P6.8 billion. Foreign buying was at P4.3 billion, while foreign selling was at P3.2 billion.

The last time the PSEi reached the 8,000 level was in April 2018. The index fell into bear market territory last year, even falling as low as the 6,800 level back in October. 

All sectors were all back in the green on Monday, with industrials leading the pack as it climbed by 2.14%.

The 5 most active stocks were Ayala Land (0.45%), Metrobank (2.63%), SM Prime Holdings (1.54%), SM Investments Corporation (0.71%), and Jollibee (2.34%).

Banking stocks, which took a beating last Friday amid the bankruptcy of Hanjin Heavy Industries and Construction Philippines, bounced back.

RCBC, which had the biggest loan exposure, was up by 2.8%. Metrobank (2.6%), BPI (2.1%), and BDO (0.23%) also closed in the green.

The PSEi outperformed most of its regional peers, as Asian markets were down amid China's dismal trade data. – Rappler.com

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.

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