Stock Exchange breaches 6,000 level

FUN AT 6,000. Traders celebrate the new milestone at the local bourse at it breached the 6,000-mark on Monday, January 7. Photo courtesy of the Philippine Stock Exchange.
Two new records were broken by the Philippine Stock Exchange index (PSEi) Monday, January 7, as it breached the 6,000 level for the first time and hit a new record high 4 trading days in a row this 2013. Compared to Friday’s closing, the PSEi was up 1.23% on Monday’s closing. Only last December, PSE chairman Jose Pardo told President Benigno Aquino III the benchmark index will reach the 6,000 historic level “sooner rather than later.” This is the 65th record high under the Aquino administration, indicative of growing investor confidence in the country. Analysts said appetite for stocks was being fueled by the US “fiscal cliff” deal, the European Central Bank’s new bond-buying program, and a persistent positive outlook on the Philippine economy, one of the world’s fastest growing.

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