MANILA, Philippines - Local stocks hit a new all-time high above the 5,700 level as they rose for the 7th consecutive day on Tuesday, December 4.

The Philippine Stock Exchange index rose 33.58 points or 0.59% to 5,706.28.

This is the 34th time that the key index rose to a new record-high.

The broader all-share index jumped 15.41 points or 0.42% to 3,676.53.

All subindices ended in positive territory, led by the property sector, which went up 1.19%.

A total of 3.09 billion shares worth P8.29 billion were traded.

Analysts have attributed the stock market surge to bullish investor outlook on companies, given the Philippines' strong economic growth.

Some believe the index may touch the 6,000 level soon.

In the foreign exchange market, the peso traded sideways on Tuesday, closing at 40.870 per US dollar, slightly stronger than Monday's close of 40.880. Total volume traded rose to $736.35 million from $632.892 million. - Rappler.com