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PSEi will breach 6,000 mark – Palace official
The Philippine Stock Exchange index (PSEi) will breach the 6,000 market, because the economic conditions are correct, Malacañang said Tuesday after the main index reached an all-time 5,030.58 Monday. “We believe that our economy is doing well and with increased infrastructure spending — increased emphasis on tourism, agriculture, and all the other sectors — we believe that 6,000 is not a remote goal for our Philippine Stock Exchange,” presidential spokesperson Edwin Lacierda said at a press briefing. President Benigno Aquino III rang the PSE’s opening bell Monday to mark the PSEi’s historic climb. The PSEi breached the 5,000 mark on March 2, closing at 5,016.30 — the 10th all time high closing this year. The record marks the tenth all-time high closing for 2012 and the 19th since the Aquino administration took over the reigns of government on June 30, 2010. On Monday, PSEi advanced to a new all-time high closing at 5,030.58. PSE chair Jose Pardo noted in a speech at the PSE trading floor Monday that President Aquino’s request was to see PSEi breach the 6,000 level. “Moving past the 5,000 signals the beginning of our journey to what I understand, Mr. President, was your requested commitment from Yosi Tanco for the PSE index to breach not the 5,000 but the 6,000 level,” he said. “Ambitious… but as the saying goes, the difficult takes a while and the impossible, just a little bit longer. We believe that with the bold reforms your administration is undertaking, our market in turn can maintain its record-breaking advance,” he added. Sound economic fundamentals are here… “That’s the reason why we see this increase in the PSE index,” said Lacierda. “We believe that the growth in our economy will be coming from domestic consumption. We have strengths in our agricultural sector, tourism sector, infrastructure sector. We believe that, since our fundamentals are sound, we will be able to weather the external factors,” he added. — VS, GMA News
