Stocks close at new all-time high on first trading day of 2013

THE Philippine Stock Exchange (PSE) welcomed 2013 with a bang after the benchmark stock market index recorded a new all-time high.

The PSE index almost hit the 5,900 level, finishing at 5,860.99 or up by 48.26 points or 0.8 percent on Wednesday.

This index record surpassed the December 26, 2012 record close at 5,832.83. As of the end of 2012, the PSEi set 38 new records, making it the second strongest bourse in Southeast Asia after Thailand.

"World markets have cheered the photo finish resolution of the fiscal cliff in the US. We're off to a good start in 2013," said PSE president Hans Sicat.

On the last trading day for 2012 on December 28, the PSEi finished at 5,812.73, 33 percent higher than the previous year's close.

"In 2013, we will once again be challenged to become better and to push the market to even greater heights. Our plans for the Exchange and stock market have been laid out and I assure you that there is great reason to be excited again this year," Sicat said. (SDR/Sunnex)