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On Friday, local shares set another record high on the final
trading day for 2017, which reversed the negative outcomes from 2015 and 2016.
The benchmark of Philippine Stock Exchange index (PSEI) has
ended at 8,558.42, which is an all-time high.
Most of the Southeast Asian countries like Philippines, Indonesia
and Vietnam are being cheered on as they stage a new high on last trading session
of the year.
“The Philippines, along with Indonesia and Vietnam is
expected to do well in 2018,” says Manny Cruz, an Analyst with Asiasec Equities
Inc.
Meanwhile, at the end of last Friday’s session, marking as
the last for this year, Philippine shares raised up by 0.27 percent or 23.33
points nearing to 8, 558. 42, proceeding to its fifth straight session of
highest close for 2017.
The index even managed to hit the peak at 8, 640.04 during
the morning session, which was also backed with some positive economic records
this week.
This 2017, the PSEI overshadowed the two straight years of
decline, 2015 and 2016.
“Philippine shares closed at another record to end the year
even though US stock trading has been muted as investors have little incentive
to make decisive bets on assets perceived as risky in the penultimate session
of trade ahead of the New Year’s holiday on Monday,” said Marita Limlingan of
Capital Development Corp in a text.
“However, Thursday’s late burst in the US suggests that
investors aren’t ready to dump stocks going into next year. US Stocks finished
higher again,” she added.
With only slight adjustments, most of the companies ended on
a positive territory as the session closes last Friday.
source: Manila Bulletin
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