PH shares end year at record high, reversing the outcomes from 2015 and 2016

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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.

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