PSEi closes above 7,900 level for the first time


Posted at Mar 31 2015 07:28 PM | Updated as of Apr 01 2015 03:28 AM

MANILA, Philippines -- The Philippine Stock Exchange index (PSEi) extended its rally, ending closer to the 8,000 level it hit in early Monday trading.

Big gainers were led by Ayala Land and Jollibee Foods Corp., which both rose more than 2 percent.

SM Prime Holdings Inc. and Aboitiz Power Corp. also surged.

Overall, the main index closed at 7,940.49, up 0.52 percent. This was the first time the PSEi closed above the 7,900 level, and also surpassed Monday's record close of 7,899.41.

The PSEi joined most other Asian markets, which closed at their best quarter since 2012.

Investors bet the Fed will raise interest rates later than expected, while China ramped up stimulus and oil continued to fall.

"The PSEi managed to extend its gains for a fifth straight day on positive news coming out of US, Europe, and China. We are optimistic that the continuous flow of good news locally and from overseas will provide basis for the sustained growth of not only the index but overall market activity," PSE President and CEO Hans B. Sicat said.

The PSEi has had 23 record finishes and 17 intraday record highs since the start of 2015.

At the foreign exchange market, the peso strengthened to P44.70 against the US dollar. - With ANC