PSEi seen to languish at 6,000 level

MANILA, Philippines — AB Capital Securities Inc. is keeping its Philippine Stock Exchange Index (PSEi) target at 6,000, saying cheap valuations alone are not enough to fuel a sustained market rally. AB Capital president and CEO Hazel Tañedo said Philippine equities had already undergone a substantial derating, with the PSEi trading at just about 9.6 times