Philippine Stocks Ends Year 2017 with the Highest on Record

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The Philippine Stock Exchange Index (PSEi) ended the year 2017 with the highest so far on record reversing two years of decline which is considered as another undeniable proof that Pres. Duterte made significant achievements in the Philippine economy despite being a non-economist President.

Some experts stated that the year 2017 was a good year for the Philippine stock market, so good that some said it was an exceptionally good year.

The Philippine Stock Exchange index (PSEi) closed at a new record high of 8,558.42 on the last day of trading of they on December 29, 2017. Some economists stated that the year 2017 was actually the first full year of the Duterte administration.



During the start of the year 2017, Pres. Duterte’s economic team promised the passage of the Tax Reform for Acceleration and Inclusion (TRAIN). The President signed the Tax Reform Package into law on December 19, 2017, which is expected to generate P130 billion in revenue.

Aside from TRAIN, Philippine Stock Exchange Chairman Jose Pardo also said the market performed better this year than in the past years during the Aquino administration, because investors have already adjusted to the leadership style of Pres. Duterte.

Last September 14, the PSEi closed at 8,144.91, up 91.03 points or 1.13 percent — the highest for the main index since April 10, 2015 when the PSEi closed at 8,127.48.






Aside from the improving Philippine Stock market, trading activity was also brisk in 2017. During the first half of the year, for instance, daily average value turnover amounted to P8.08 billion, up 7.5 percent from the same period last year. The stock market also had a net foreign buying of P22.04 billion during the six-month period.

Philippine market capitalization of companies listed at the PSE also hit a record high of P16.42 trillion on June 14, 2017. Property developer SM Prime Holdings Inc., reached a record market capitalization of P1.01 trillion on June 9, 2017. This was the first time a domestic company breached the P1 trillion market capitalization mark.

Source: PNA

Ed Umbao

Founder of PhilNews.xyz | co-Founder of PhilNews.ph

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