PSEi hits new record amid PNB-BPI merger talks
MANILA, Philippines (UPDATE) - The Philippine Stock Exchange index (PSEi) once again hit a new record high on Monday, boosted by gains in the banking sector.
The PSEi settled at 5,579.42, up 0.49% on Monday. This is the 29th time the index set a new record this year. The previous record close was on November 23 at 5,552.34.
"The slew of good news the past week both at the global and local scenes have energized global markets and continue to positively influence investor sentiment," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
This comes as merger talks between the Philippine National Bank and Bank of the Philippine Islands continue to excite the market.
Leading gainers today are PNB, which climbed 1.8%, and BPI, which rose 3.4%.
Energy Development Corp. also hit a record high, as investors anticipate the opening of its Bacman plant. EDC rose 2.3%.
Meanwhile, at the foreign exchange market, the peso clsoed 5 centavos stronger, ending at P41 against the greenback. - ANC