07/02/2022
The benchmark Philippine Stock Exchange Index (PSEi) powered past a monthslong trading range on Wednesday to reach a two-year high amid bullish prospects on the economy’s further reopening, said BDO Unibank Inc. chief strategist Jonathan Ravelas.
Returning from the Lunar New Year holiday, the PSEi rallied 1.32 percent, or 97.34 points, to 7,448.99 after briefly touching the 7,517.5 level.
“It seems that the Philippine Tiger is roaring,” Ravelas told the Inquirer in an interview on Wednesday.
He said investors were now focused on domestic narratives such as the lower cases of COVID-19 and upcoming fourth quarter earnings season, which likely benefited from lower inflation in the latter part of 2021.