Market ends in green on bullish economic outlook
The benchmark Philippine Stock Exchange index (PSEi) gained 54.03 points, or 0.64 percent, to finish at 8,4321.31 while the broader All Shares gauge gained 28.61 points, or 0.58 percent, to finish at 4,921.41. File
MANILA, Philippines — The market closed on a positive note yesterday, the last day of the week ahead of Christmas day, as investors shared the government’s optimism on the economy next year.
The benchmark Philippine Stock Exchange index (PSEi) gained 54.03 points, or 0.64 percent, to finish at 8,4321.31 while the broader All Shares gauge gained 28.61 points, or 0.58 percent, to finish at 4,921.41.
Except for one, the sectoral indexes posted gains, with the mining and oil gauge leading the gains after it rose 1.65 percent.
Total value turnover was robust at P10.15 billion as advancing stocks outpaced decliners, 108 to 96 while 40 issues are left unchanged.
DA Market Securities said the next resistance level may be 8,700 after the market barometer breached the 8,300 mark.
Yesterday’s market performance came after the Development Budget Coordination Committee (DBCC), chaired by Department of Budget and Management (DBM) Secretary Benjamin Diokno, set the country’s medium term targets.
The Philippines kept its seven percent to eight percent gross domestic product (GDP) target for 2018 to 2022.
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