PHStocks Week in Review: Growth Continues

Manila—(PHStocks)—It has been a highly profiting week for investors in the Philippine stock market as they cash in on their gains amid the surging growth on the back of continued optimism in the country’s economic outlook.

The week also marked another record achievement as the mainboard Philippine Stock Exchange index (PSEi) breached the 6,400-point mark on Monday, closing at 6,435.980. Tuesday saw a new record high when the PSEi continued its rally to hit 6,470.49.

On Wednesday, PH stocks took a breather as investors cash in on their gains. They reentered the market as they hunt for bargains on Thursday, driving the PSEi up by 0.45%. This may also be fuelled by reports that Singapore’s financial services firm DBS has revised its earlier growth forecast for the country from 5.3% to 6% this year. The market declined on Friday again as investors, as expected, locked in their gains for profit.

Overall, however, the Philippine equities market continued its growth. Compared to last week, PSEi was up 2.22%, while on a four-week basis, the increase was 6.72%. All counters were also on the green, led by the Mining and Oil index, which surged by 3.46% compared last week. The Property index, on the other hand, registered the strongest growth over the past four weeks, gaining 11.16%.

Below are the top gainers for the week:

The top 30 decliners for the week, meanwhile, are as follows:

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