Philippine stocks break 6,000 level

PHILIPPINE shares breached the critical 6,000 level in early trade on Monday as investors continued to pin their hopes on a global economic recovery, an official said.

The Philippine Stock Exchange index (PSEi) closed at a new all time at 6,044.91, gaining 73.46 points or 1.23 percent. This level eclipsed the record close posted on January 4, 2013 at 5,971.45. The PSEi hit the 6,000 level at 9:40 a.m.

"We are very proud to have reached and breached the 6,000 level which affirm that market liquidity continues to be strong and investor sentiment remain positive over good news both locally and abroad," said PSE president and chief executive officer Hans Sicat.

"We also believe that corporate earnings will remain strong for the full year of 2012, which should support the market's phenomenal performance. Indeed it is more fun at 6,000 and we look forward to setting new records this year," he said.

Traders flashed the "More Fun at 6,000" and the number seven signs on the trading floor on Monday, indicating the next crucial index ceiling.

The PSE is the country's only stock exchange with 253 listed firms and 133 active trading participants. PSE shares are also listed on the stock exchange. (SDR/Sunnex)