PSEi hits new high on European stimulus

The local stock barometer rallied to a record high 7,548.93 on Friday on the back of the global euphoria arising from the European Central Bank’s rollout of a $1.16 trillion monetary stimulus program.

The main-share Philippine Stock Exchange index rallied by 132.62 points or 1.79 percent to close at 7,548.93 which was likewise a record intra-day peak.

This was after the ECB announced it was embarking on its own quantitative easing or bond buying program just when the US Federal Reserve had tapered its own. The ECB committed to release over a trillion euros to perk up the euro-zone, boosting global stock and bond markets while dragging the euro plunging.

The ECB plans to buy a total of €60 billion in assets including government bonds, debt securities issued by European institutions and private-sector bonds per month through September 2016.