The Philippine stock exchange index once again closed higher today, ending at 8,045.78, up by 8.27 points or 0.10%.
Although the increase is just 0.10%, what’s important with these closing figures today is that the PSEi has closed above the 8,000 point mark for the second straight day. This could be a positive sign that the index is going higher and that it has really reached a higher low.
Yesterday’s trading day saw the PSEi close above 8,000, the first time in 11 months, which is why this second straight trading day closing above 8,000 is significant.
A possible contributor to the index gain is the hope for the passage of Philippine tax reform law. Across the region, most of the other stock markets were also higher as commodity prices surged ahead of the US Federal Reserve’s policy statement.