President Aquino triggered jokes at the Philippine Stock Exchange (PSE) yesterday as the index fell shortly after he rang the opening bell in celebration of the previous day’s historic high.
Analysts, however, pointed out that the local bourse merely behaved in typical fashion, correcting in a sell-off after a record high.
The local bourse is expected to continue its positive performance in the days ahead.
Yesterday the President declared investors are now brimming with renewed confidence in the local economy.
Aquino rang the opening bell at the Philippine Stock Exchange (PSE) and sees the stock market surging to lifetime highs, with the main stock index carving a new peak at 6,000.
It was Aquino’s second time to ring the stock market bell since he assumed the leadership of the nation – to celebrate the recent historic high of the stock market.
The PSEi soared to a fresh all-time high Monday, logging a 14.28 point or 0.3 percent gain to settle at 5,030.58. It closed above the critical 5,000 level Friday with 5,016.30, the first time in the stock market’s long history.
PSE chairman Jose Pardo said this marks the 11th time this year and the 19th time under the Aquino administration that the index has set new highs.
The main benchmark index has rallied by 15.1 percent since the start of the year.
Pardo said the stock market, the clearest indicator and fastest reacting business indicator to show business confidence, has already climbed by 52 percent since Aquino assumed office 20 months ago.
He said confidence in the country has been high lately as seen in the increasing share of funds flowing into the stock market.
Malacañang believes a 6,000-level breach in the PSEi is an “absolutely reasonable expectation” and “not a remote goal” under the Aquino administration, following last week’s 5,000 record high mark.
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