PSEi breaks 9000 barrier

The Philippine Stock Exchange (PSE) hit a milestone and set a historical record of climbing past the 9,000 barrier for the first time on Friday, January 26.

The PSE Index (PSEi) ended trading on January 26 at 9,041.20 reaching 42.03 points, an increase of 0.46 percent from yesterday’s close.

PSEi surpassed its two unsuccessful attempts earlier this week to break the 9,000 level.

“The outlook on the market is still positive and fund managers are deploying fund allocations for the year,” said Gonzalo Benjamin Bongolan, head of merchant banking group at local investment house Philippine Commercial Capital Corp.

Other trunks of the PSEI also held and finished strong with the gaining percent of the industrial services and property counters.

Part of the PSEi report is the slipped of two anchors, the mining or the oil and the financial. The Philippine’s largest conglomerate, the SM Investments Corp. towed the PSEI up advancing by 3.64 percent.

PSEI’s other contributors also shared gain in percentage like Ayala Lands, BDO Unibank, SM Prime, Ayala Corp., Puregold, URC, AGI, and GT Capital.

Outside sharer of the PSEI is the Megawide adding 4.85 percent in gain.