PSEi breaches 8,000 mark

ABS-CBN News

Posted at Jul 13 2016 10:45 AM

MANILA - The Philippine Stock Exchange index breached the 8,000 level on Wednesday, the first time in 15 months.

The PSEi hit 8000.02, up 0.78 percent as of 9:55 a.m.

Riche Lim, an analyst at BPI Securities, said the international tribunal's decision to deny China's claims in the South China Sea has raised optimism on exploration in disputed areas.

READ: Arbitral court's ruling on Philippines vs China

Among the stakeholders in South China Sea is Philex Petroleum, which saw its shares jump after the ruling.

Philex Petroleum shares went up 16.6 pct to its highest in 17 months.

Philex has a 67 percent controlling interest in Forum Energy Ltd, which has a 70 percent operating interest in Service Contract 72 Reed Bank natural gas prospect in disputed South China Sea.

Philex also has a 50 percent operating interest in SC 75 exploration permit issued by Philippine government, covering another disputed area in South China Sea. -- With reports from Warren de Guzman, ABS-CBN News; Reuters