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PSEi seen hitting 6,900 to 8,500 pts in 2017

PSEi seen hitting 6,900 to 8,500 pts in 2017
By Leslie D. Venzon

MANILA (Philippines News Agency) — The Philippine Stock Exchange index (PSEi) is expected to range between 6,900 and 8,500 points next year on the back of strong macroeconomic fundamentals.

“It’s (market) volatile, wide range (of PSEi target); we will probably anywhere from we are right now 6,900 to maybe all the way to 8,500,”PSE President and Chief Executive Officer (CEO) Hans Sicat said in an interview.

Sicat sees increased infrastructure spending will boost economic growth and the stock market.

“The BPO (business process outsourcing) and OFWs (overseas Filipino workers) are important foundations for our economy. We hope that they do well numbers wise. That trend continues the growth story that the Philippines has been experiencing,” he said.

Sicat said the growth story of the country would support the growth in stock market amid volatility.

“The first quarter seems to be quite volatile. There are really a lot of countervailing forces at work,” he added, referring to uncertainties in the external front such as the transition period towards the Britain’s exit from the European Union, Donald Trump’s victory in the United States (US) elections and the issue of South China Sea.

Meanwhile, Sicat expects average daily value turnover reaching Php8 billion to Php8.2 billion in 2017 from this year’s Php7.5 billion.

“There’s still a lot of fundraising and a lot of companies were able to come to the market which still shows there’s liquidity in the market,” he added. (PNA)

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