PSEi closes above 7000 for the 1st time in 2014
MANILA, Philippines - The Philippine Stock Exchange index closed above the 7,000 mark for the first time this year.
The main index ended the day 1.07 percent higher at 7,061.00, the highest close since May 29, 2013.
The PSEi hit an intra-day high of 7,093.06.
Among the day's big gainers were PLDT, Ayala group and Lopez-led Energy Development Corp.
PLDT rose more than 4 percent, surging to a record-high after its unit Smart Communications launched its new 5G network. The telco also got a boost from news that the MSCI Philippine Index is increasing the weight of PLDT.
The MSCI will also raise the weight of Ayala Land, Ayala Corp. and EDC. An increased weighting at the MSCI tells investors to buy more of the stocks.
Meanwhile, the PSE moved closer to acquiring the Philippine Dealing System, as it offered to buy 28.9 percent of the bond exchange for over P2 billion.
At the foreign exchange market, the peso finished stronger at P43.66 against the US dollar. - With ANC