In January 2018, the Philippine Stock Exchange Composite index (PSEi) reached an intraday high above 9,000. In October 2018, certain indicators flashed a long-term negative warning that had not happened since 2008. While prices went higher from the time of that negative signal, 2019 turned out to be a year of relatively high volatility but with small overall price increases at least as far as the PSEi was concerned.