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THE
Philippine Stock Exchange index, or PSEi, yesterday
closed at an historic high of 3,873.50, which surpassed
by 82.08 points the previous all-time high of 3,791.42
on July 5.
In a
statement attributed to president and chief executive
Francis Ed. Lim, the PSE said, “It also marked the 12th
time this year that the PSEi has set a new record high
since May 18, 2007, when it first broke the old record
of 3,447.6 points that earlier stood unchallenged for
over 10 years.”
Measures
to plug government’s budget deficit and induce a drop in
interest and inflation rates, along with reforms from
within the PSE, have helped a lot in improving the stock
market’s appeal to investors, the exchange said in the
statement.
“All
these favorable factors explain why our market also has
noted a dramatic increase in value turnover, which now
averages P5.45 billion a day from P2.32 billion last
year,” Lim said, and went on to thank the government for
its support in enhancing the market’s growth.
“We in
the PSE believe that we can further accelerate our
market’s advance, if we can put in place a more enabling
business environment,” Lim added.
The
record-breaking performance is a clear indication that
the Philippine market stands on solid ground, the
exchange said. |
