The PSE Index added 28 points or 0.4% to 6,618 in early trade on Wednesday, after the IMF on Tuesday raised its 2021 growth forecast to 6%, a rate unseen since the 1980s, from 5.5% it had forecast in January, amid an acceleration in the pace of COVID-19 vaccinations and massive spending to fight the pandemic, primarily in the US. Traders were also upbeat after reports that US job openings rose to a two-year high in February while hiring had its biggest gain in nine months. Adding the bullish tone, local media reported that the row between Manila and Beijing over China’s latest incursion in the disputed South China sea will not affect China’s provision of coronavirus vaccines to the Philippines. The nation on Tuesday recorded 382 coronavirus deaths, the largest single-day increase in casualties; while total confirmed cases increased to 812,760 after 9,373 infections were reported on that day.
Historically, the Philippines Stock Market (PSEi) reached an all time high of 9078.37 in January of 2018. Philippines Stock Market (PSEi) - data, forecasts, historical chart - was last updated on April of 2021.
The Philippines Stock Market (PSEi) is expected to trade at 6389.66 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate it to trade at 5933.16 in 12 months time.