MANILA – Executives of the Philippine Stock Exchange have attributed the new main PSE index record level to the strong macroeconomic fundamentals and optimistic outlook on the country's economy.
The PSEi hit a new record close of 5,375.52 points on yesterday, up 26.84 points or 0.50 percent from the previous day’s 5,348.68 points. It breached last July 5’s record close of 5,369.98.
To date, the main index has registered 22 times high.
"The upbeat outlook of the economy, including the Asian Development Bank's assessment in its recent report, affirms confidence in the Philippine market, pushing the main index to yet another unprecedented level," PSE Chairman Jose Pardo said.
Earlier yesterday, the Manila-based ADB revised upwards its growth forecast for the domestic economy this year to 5.5 percent from 4.8 percent previously after a strong 6.1 percent expansion in the first half of this year.
PSE president and chief executive officer Hans Sicat said the local bourse “continues to benefit from stable macroeconomic fundamentals which have augured well for businesses in the country.”
“Such growth expectations should further keep the Philippine stock market in the radar of global investors," he added.*PNA
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