The Philippine Stock Exchange: Upgraded to 7,000
The Philippine Stock Exchange (PSE) index breached the critical 7,000 level in early trade on Monday, April 22, 2013, as investors expect more listed companies to report good first quarter earnings.
The PSE index or PSEi closed at a new all-time high of 7,120.48 points, gaining 163.38 points or 2.4 percent. This level eclipsed the record close posted on April 19, 2013 at 6,957.10. With this, the index has now set a record high for the 27th time this year.
"Today marks another historic milestone with the PSEi breaking past the 7,000 level behind positive signals globally as well as healthy financials of listed companies," PSE President and Chief Executive Officer Hans B. Sicat said.
Traders flashed the "Upgraded to 7,000" on the trading floor (in the photo above) as they cheered the recent market feat. The index inched close to the 7,000-point level last March 27 when the Fitch ratings agency upgraded sovereign debt ratings to investment grade level.
The PSE is the country's only stock exchange with 254 listed firms and 134 active trading participants. PSE shares are also listed on the stock exchange.