The Philippine stock market is off to a good start for the year 2018 as it tallied a main index reaching the 8,700 mark – a new all-time high.
The Philippine stock market index (PSEi) recorded a finish of 8,724.13 resulting to a high 165.71 points equivalent to 1.94 percent, with regional markets playing a key role in the success.
According to Philippine Stock Exchange (PSE) president Ramon Monzon, the bullish number of the stock market is important for investor confidence and reflects a positive track for trading.
“The back-to-back closing at new record highs on the first trading day of 2018 and last trading day of 2017 is an auspicious sign for our stock market. Investor confidence and optimism were very apparent in today’s trading and we hope our market will remain robust for most of the year,” Monzon stated.
In terms of monetary value, the said all-time high record equated to PhP 7.29 billion.
Conglomerate SM Investments continue to led the PSEi with a 5.05 percent advancement. Other notable names include Metrobank, SM Prime, Ayala Land, Megaworld, BPI, and PLDT.