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Philippine stocks make history by passing 6,000-mark

Publication Date : 07-01-2013

 

The Philippine Stock Exchange index rallied past the 6,000-mark for the first time in history today, surging to new all-time highs for the fourth straight session.

The main index gained 69.32 points or 1.16 per cent to hit 6,040.77 as of 2:38pm.

The rally was driven by ample liquidity in the financial system seeking yieldings alongside favourable economic numbers, said fund manager Bede Lovell Gomez, assistant vice president at First Metro Investment Corp.

Gomez said last week’s favourable inflation report alongside a favourable sentiment across the region fuelled Monday’s rise past 6,000.

“Funds would like to position early. They are looking for the 12-month view,” he said.

 

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