PSEi breaks 7,700; up 1.35%

The Philippine Stock Exchange index (PSEi) rebounded and breached the 7,700 territory yesterday, hitting an intraday record of 7,738.12 before closing at 7,716.06, up 1.35 percent or 102.91 points. The wider All Shares index likewise went up 1 percent or 44.30 points to 4,481.28.

Lexter Azurin, research head at Unicapital Securities Inc., said: “Basically, we followed the surge in US markets last night after the Dow rallied 305 points last night. Expectations for low inflation rate for January, scheduled to be announced today, also eased interest rates concerns.”