PSEi after hitting its year to date high of 8,018.39, we’re now seeing a few profit taking. This I think is expected as we go near our all time high.
Oh team gaming. Why so strong this past few weeks? MCP registered all time highs, BLOOM bounced back from a recent correction and PLC climbed up from consolidation. There has been an increase in optimism in the market due to potential tax reform program this year. Also, foreign investors are consistently buying into our market.
Interestingly, even if Duterte declared Martial law in the island of Mindanao, PSEi remained calm and composed. Though the declaration of martial law in Mindanao is once again creating uncertainty, I think that this too will pass.
THIS WEEK’S HEADLINERS:
- Martial law was declared in Mindanao after the attack in Marawi city
- BDO 121.00 declares 0.30 php/sh cash dividend
- TEL’s Q1 enterprise revenue grows 13% year-on-year
- CEB suspends 3 flights from Riyadh, Doha and Qatar
- DD to open 10 more CityMalls across the country, expects to have at least 30 operational malls by the end of 2017
- SM Investments Corp. tops Forbes list of most valuable firms in PH
- BDO partners with Japan’s Seven Bank
- CLI to convert Davao golf course into business district
