Aquino sets sights on market hitting 9,000 as PSEi doubles under his term
President Benigno Aquino III is optimistic that the Philippine Stock Exchange index (PSEi) will hit 9,000 before his term ends.
“I expect to ring the bell in celebration of the index breaching the 9,000 and 10,000 levels hopefully before I step down from office,” Aquino told members of the PSE board of directors and officials of listed companies during the bell ringing ceremony on Tuesday morning.
Aquino rang the opening bell at the PSE in Makati City, more than a week after the PSEi closed above the 8,000 level.
Last Friday, it reached its all-time high at 8,127.48 points.
READ: Market closes above 8,000
Aquino recalled that when he first assumed office in 2010, the PSEi was still on the cusp of breaching the 4,000 level.
“Now, looking back, I cannot help but think: How times have changed, and might I add: For the better,” he said.
The President said there is a lot of optimism in the economic performance of the country.
“I am told that trading activity increased by 40 percent year on year, from P457.08 billion in the first quarter of 2014, to P641.59 billion in the same period of 2015,” he said. “Within that same period, net foreign buying also grew by 182 percent, from P17.33 billion in the first quarter of 2014, to P48.87 billion in the first quarter of 2015.”
Aquino pointed out that the PSE would soon migrate to a new trading system called PSETrade XTS, “which possesses an enhanced trading capacity and increased risk management parameters.”
He said it will serve the PSE well and he is hopeful that the index will breach the 9,000 and 10,000 levels before his term ends in 2016.
He said Filipinos should help continue the momentum “not only the momentum of our stock market, but also and more importantly, of our entire country.”
Aquino reiterated his call for the public to elect “someone who will likewise tread the straight path.”
