MANILA, Philippines - As the Asian Development Bank meeting got underway in Manila on Wednesday, the Philippine Stock Exchange (PSE) showed why it's one of the bright spots in the Philippine economy.
The PSE index (PSEi) once again hit a new record this year, closing at 5,228.84 or 0.5% up on Wednesday. This is the 18th all-time high record set by the PSEi so far this year.
The PSEi broke the previous closing record at 5,218.97 which was set last April 26. Intraday, the PSEi reached a new record at 5,269.97, beating the April 26 level at 5,247.14.
As of May 2, the PSEi has gained 856.88 points or 19.6 percent from year-ago levels.
"Strong manufacturing numbers from China and the US cast aside fears of slowing economic activity, and the sentiment rippled across global markets. These and expectations of supportive inflation numbers augur well for the continued rally of our market into a record-setting pace," PSE president and CEO Hans B. Sicat said, in a statement.