Philippine stocks closed above the 7,000 level for the first time in 19 months, after several attempts this week on positive sentiments overseas.
“The PSEi finally closed above the 7,000 level for the first time in more than 19 months as investors reacted to a relatively favorable US August headline inflation print as well as overnight tech-driven rally in US stock markets,” said China Bank Capital managing director Juan Paolo Colet. Colet said investors also cheered the statement from National Economic and Development Authority Secretary Arsenio Balisacan that the Philippine gross domestic product could grow faster in the second half of the year.
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