PSEi surges past 6,500 on positive sentiment

The Philippine Stock Exchange index (PSEi) closed above 6,500 on Thursday, its highest level since before the COVID-19 pandemic.

The PSEi gained 271.84 points or 4.35% to close at 6,517.49, marking its seventh straight day of increase.

Positive sentiment from regional and US equity markets contributed to the surge, with large foreign inflows of P1.37 billion also boosting local equities.

Analysts noted that while the market is catching up with regional peers like Vietnam and Malaysia, a consensus target for the next 12 months is at 7,024.