GOOD NEWS: Mga Investors Lalong Dumarami Dahil Sa Tiwala Kay President Duterte

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Philippine stocks got another new record high on the 1st trading day of 2018, breaching the 8,700 level for the first time in history.

On Wednesday, January 3, the Philippine Stock Exchange index (PSEi) was at 8,724.13 points, up by 165.71 or 1.94% from last Friday, December 29. All sectoral indices also ended higher, with the Holding Firms and Property counters up the most, gaining 2.95% and 2.27%, respectively.

Investors continue to bet on the local markets even as the 20% hike in stock transaction tax (STT) takes effect at the local bourse in line with the Philippines' new tax reform law.

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