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Index ends 2017 at record high

The Philippine Stock Exchange index gained another 23.33 points, or 0.27 percent, to close at a record high of  8,558.42. File

MANILA, Philippines — Philippine stocks ended the year on a high note, with the main composite index posting a record finish on the final trading session as investors expect  2018 to be another bullish year.

The Philippine Stock Exchange index gained another 23.33 points, or 0.27 percent, to close at a record high of  8,558.42.

For the full year, the PSEi  climbed 25 percent  or  1,717.78 points from the end-2016 level of 6,840.64.

The yearend performance reversed the slump seen in the last two years. The PSEi  gave up  1.6 percent in 2016 and lost 3.85 percent in 2015.

Traders said the overall upbeat sentiment in regional markets and the passage of the tax reform package provided the much needed boost, making 2017 a good year for the local equities market.

Most sectoral indexes closed in positive territory except for the industrial and mining and oil gauges. The financial index led the gains, rising 1.24 percent to finish at 2,230.17.

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Total value turnover was significant and better than Thursday’s close at P7.26 billion. As expected, market breadth was positive, 115 to 94 while 45 issues were left unchanged.

 DA Market Securities said it was a positive day for Southeast Asian markets with Indonesia and the Philippines hitting an all time high.

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