Philippine stocks make history by passing 6,000-mark

By Doris C. Dumlao

Philippine Daily Inquirer

3:48 pm | Monday, January 7th, 2013

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

The main index gained 69.32 points or 1.16 percent to hit 6,040.77 as of 2:38 p.m.

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

Gomez said last week’s favorable inflation report alongside a favorable sentiment across the region fueled 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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Tags: Business , historic stock market high , Markets and Exchanges , Philippine Stock Exchange , Stock Activity , Stock Market

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