PSEi breaches 7,000 level

Posted at 07/07/14 5:43 PM

MANILA, Philippines - The Philippine Stock Exchange index (PSEi) hit an over 13-month high on Monday.

The main index breached the 7,000 level, trading at an intra-day high of 7,016.71.

However, the PSEi closed at 6,999.10, up 36.82 points or 0.53 percent. The PSE said these were the highest levels since May 31, 2013 when the PSEi posted intra-day and closing levels of 7,028.50 and 7,021.95 points, respectively.

"The market’s rise to the 7,000 is a validation of the solid macro-economic fundamentals of the country and the confidence of investors in the Philippine economy. We are hopeful that this momentum will carry on until the end of the year," said PSE President and CEO Hans B. Sicat.

Among the day's gainers were property shares such as Megaworld Corp. and Ayala Land amid continued strong demand for condominiums.

Ayala Land gained 1.13 percent to P31.40, while Megaworld rose 3.28 percent to P4.73.

Port operator ICTSI also went up to P112.60 per share, after news the company is terminating a 3-year contract to operate a container terminal in India.

Meanwhile, at the foreign exchange market, the peso weakened to close at P43.47 to the US dollar. - With ANC, Reuters