Index breaches 8,000 level

MANILA, Philippines – The Philippine Stock Exchange index (PSEi) breached the 8,000 level yesterday, a day after the Philippines won the case against China on the disputed West Philippine Sea.

The PSEi rallied past the 8,000 level for the first time in 15 months, closing at 8,005.73. The last time the PSEi was at the 8,000 level was on April 14, 2015 when the index closed at 8,056.49, according to the Philippine Stock Exchange.

At the close of trading, however, the main composite index cooled down and closed at 7,944.02, up 6.07 points or 0.08 percent while the broader All Shares index finished higher by 7.53 points or 0.16 percent to end at 4,803.38.

All counters closed in the green except for the financials and holding sectors, which declined 0.08 and 0.31 percent, respectively.

“The attempt to revisit previous highs is a reflection of continued interest in our stock market. Philippine equities remain to be a favorite among our peers in the region given its resilience during volatile conditions. Interest is also fueled by the growth prospects of the country, particularly in sectors that are expected to do well based on the priorities of the new administration,” said PSE president and chief executive officer Hans Sicat.

Total value turnover reached P11.41 billion as advancing stocks outnumbered declining stocks, 102 to 87. Fifty seven stocks, meanwhile, were left unchanged.

“The PSEi market continues to flirt toward the 8,000 level as geopolitical concerns dissipate,” said Astro del Castillo, managing director at First Grade Finance Inc.