MANILA, Philippines - The Philippine Stock Exchange index chalked up another record on Friday after finishing at 6,957.10 on the back of positive outlooks on companies' earnings.
The main index surpassed the previous record of 6,891.43 posted last April 12. A new intraday high was also recorded, beating the 6,956.92 set last April 1.
“We expect the market to eventually reach another breakthrough as corporate earnings reports continue to come in and demonstrate the attractiveness of our listed companies. Developments abroad have also been generally optimistic, particularly on the expectations that the Chinese economy will be able to rebound in the next few months,†PSE President and Chief Executive Officer Hans Sicat said
Year-to-date, the PSEi has improved by 19.7 percent or 1,144.37 points. The government said this is the 26th record high posted since the start of the year and the 87th since President Benigno Aquino III assumed office.