MANILA, Philippines - The Philippine Stock Exchange index (PSEi) breached the 5,200 level, hitting another new intraday and closing high on Wednesday.
The PSEi closed at 5,186.20, up 28.92 points or 0.60 percent, beating the previous record set on Tuesday. Intraday, the PSEi hit an new level at 5,219.29.
Year-to-date as of April 18, the PSEi has gained 814.24 points or 18.6 percent.
"Upbeat sentiment in the US and Europe helped sustain the market’s rally past critical technical levels. Likewise, expectations of improved first quarter earnings results from our listed firms have generated additional interest. With these new index levels, we hope more companies start looking at the stock market as a viable channel for capital raising," PSE President and Chief Executive Officer Hans B. Sicat said, in a statement.