Foreign buyers drive PSEi to 12-mth high

The benchmark index rose for a second straight day on Wednesday to its highest finish in 12 months, fueled by foreign buying amid continuing euphoria over last week’s surprise credit rating upgrade for the Philippines and the record performance in US equities overnight.

Then Philippine Stock Exchange index (PSEi) added 27.63 points or 0.40 percent to 6,880.44, its best finish since May 31 last year when the index closed at 7,021.95. But the wider all shares suffered minor losses, easing 1.23 points or 0.03 percent to 4,134.75.