Philippine shares close higher, near 8,000-level

ABS-CBN News

Posted at Jan 09 2019 04:08 PM

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MANILA -- Philippine shares closed higher Wednesday, moving closer to the 8,000-level, as inflation began to ease, an analyst said.

The Philippine Stock Exchange Index closed 2.83 points higher to 7,919.67.

The index could advance to 8,800 within the year, buoyed by a strengthening peso, a pause in the Bangko Sentral's interest rate increases, and a potential resolution of the US-China trade war, said RCBC Securities head of research Raul Ruiz.

"We are optimistic about the market for this year," Ruiz told ANC's Market Edge. The PSEi hitting 8,800 points will be "above consensus," he said.