The PSE Index surged 66 points or 1% to end at 6,345 on Thursday, the highest close since July, 3rd, following news that state-owned oil and gas company Philippine National Oil Company (PNOC) may start exploration as early as 2021 with Chinese counterpart CNOOC on disputed South China Sea that had been the subject of a six-year moratorium. Sentiment was also lifted by news that Manila Wednesday lifted a ban on non-essential foreign trips by Filipinos, amid efforts to bolster the economy following months of lockdown and quarantine to fight the COVID-19. Meanwhile, the Philippines Food and Drug Administration said today that a virus vaccine candidate from China's Sinovac firm had passed a preliminary review by local experts and filed Thursday its application to hold clinical trials. Among top gainers were the property sector (2.7%), industrials (1.5%), holding firms (1%), and energy (0.6%).
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 October of 2020.
The Philippines Stock Market (PSEi) is expected to trade at 6189.82 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 5747.60 in 12 months time.