The bellwether Philippine Stock Exchange index (PSEi) went up by 80.82 points or 1.15% to close at 7,094.86 on Wednesday, while the broader all shares index added 34.59 points or 0.94% to end at 3,692.51. READ:
PHILIPPINE STOCKS posted gains on Wednesday on positive market sentiment after the Finance chief said economic growth is expected to remain robust this year.
Finance Secretary Benjamin E. Diokno said in a statement that quoted his speech at an event in Davos, Switzerland on Tuesday that the Philippines will likely grow by around 6.5% this year, even with a potential global economic slowdown.The ASEAN+3 Macroeconomic Research Office sees Philippine GDP growing by 6.2%, while the World Bank expects a 5.4% expansion.
“The market continued to stay strong despite the performance of the Dow Jones last night. A strong break of 7,150 can bring the index to 7,500,” Mercantile Securities Corp. Head Trader Jeff Radley C. See said in a Viber message on Wednesday.
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