New all-time high: PSEi closes above 6,100

MANILA, Philippines (UPDATED) – Stocks closed at a new all-time high above the 6,100-mark on Friday, January 18, mirroring gains in other Asian markets, after China released data showing its economy grew faster than expected.

The Philippine Stock Exchange index rose 67.03 points or 1.10% to 6,139.21. It hit an intraday peak of 6,150.62 at 2:45 p.m.

This was the 8^th time the bellwether index settled at a new high this year. Its previous record close was 6,093.90 on January 14.

The broader all-share index rose 32.94 points or 0.86 % to 3,862.41.

All sectoral indices ended in green, led by the services sector, which soared 2.29%.

A total of 6.92 billion shares worth P9.33 billion were traded.

Beijing said the world’s number two economy expanded 7.8% in 2012, better than the government target of 7.5%. However, this marked a second straight year of easing owing to weakness in key overseas markets.

It also said gross domestic product grew 7.9 % in the October-December period, snapping 7 straight quarters of slowing growth.

Economists had projected GDP growth of 7.7% for China in 2012, and 7.8% in the fourth quarter.

The figures reinforce recent indications that China’s economy was will not suffer a so-called hard landing and is emerging from a drawn-out slumber that has had a knock-on effect on other countries.

China is one of the Philippines’ main trading partners. – Rappler.com, with Agence France-Presse