New high: PSEi breaches 6,600 level
MANILA, Philippines (UPDATE) - The Philippine Stock Exchange index (PSEi) continued its rally on Tuesday morning, breaching the 6,600 level for the first time.
The PSEi passed the 6,600 level at 11:0 a.m., as it hit 6,600.69, up 0.54% or 35 points.
The main index continued to surge, as of 12 noon, it stood at 6,626.76 up 0.94% or 61 points.
This as Bloomberg reported on Tuesday that the PSEi has risen 13% so far this year. This translated to 285% gain since October 2008, which Bloomberg said was at least 124 percentage points more than every other bull market in emerging and developed nations.
Earlier, Philippine Business Bank listed on the stock exchange via initial public offering. PBB, owned by the Yao family, opened at P34.75, a 10% gain from its IPO price.
On Monday, the PSEi settled at 6,565.23 , up 0.67%. This was the PSEi's 17th record close so far this year. - With report from Warren de Guzman, ANC