PSEi breaches 7,000 level for the first time
ABS-CBNnews.com
Posted at 04/22/2013 9:54 AM | Updated as of 04/22/2013 10:13 AM
MANILA, Philippines - The Philippine Stock Exchange on Monday morning breached the 7,000 level for the first time in its history.
The PSE index (PSEi) stood at 7,009.13, up 0.75% or 52 points as of 9:52 a.m. Traders on the floor cheered as the main index reached another new high.
Among the most actively traded stocks were BDO Unibank, Ayala Corp. SM Investments Corp. and Ayala Land Inc.
Analysts expected the main index to test the 7,000 level this week, as investors position themselves ahead of the release of first quarter corporate earnings.
Last Friday, the PSEi reached a new high, with the index up 1.45% to close at 6,957.10.
“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 B. Sicat said last Friday. - With report from Warren de Guzman, ANC
The PSE index (PSEi) stood at 7,009.13, up 0.75% or 52 points as of 9:52 a.m. Traders on the floor cheered as the main index reached another new high.
Among the most actively traded stocks were BDO Unibank, Ayala Corp. SM Investments Corp. and Ayala Land Inc.
Analysts expected the main index to test the 7,000 level this week, as investors position themselves ahead of the release of first quarter corporate earnings.
Last Friday, the PSEi reached a new high, with the index up 1.45% to close at 6,957.10.
“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 B. Sicat said last Friday. - With report from Warren de Guzman, ANC
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