The Philippine Stock Exchange index (PSEi) closed off Monday, January 14, with an impressive standing surpassing the 8,000 mark.
The increase of 56.45 points or 1.19 percent to 8,024.14 is the highest recorded since April 5, 2018. Green indices signaled a positive day for the Philippine market, in particular with stocks for mining and oil industries putting up 10.03 points.
Other business sectors also enjoyed optimistic values with industrial on the lead having 254.99 points (2.14 percent). Followed by holding firms with 127.90 points (1.62 percent); property with 50.65 points (1.28 percent); and 2.48 points for services.
The United States Federal Reserve’s positive remark, state of other international stock tradings, and other global factors were recognized as contributors for yesterday’s progress in stocks by analysts.
Diversified Properties’ Aniceto Pangan noted that high foreign investments due to the narrowing inflation rate in the country added to the upsurge in PSEi. Foreign investors’ ability to sustain its consecutive net foreign buying at more than P900 million also in the growth seen in PSEi.
The said development was seen as remarkable considering that days ago, investors and business analysts alike were worried regarding the dwindling of the local market as a result of unstable global events.
