MANILA, Philippines (UPDATE) - Philippine stocks are off to a great start this year, notching six record closes in all six trading days of 2013.
The Philippine Stock Exchange index settled at the 6,091.18 level, up 0.7% or 42 points. This boosted expectations the PSEi will soon reach the 6,100 level.
The main index reached a new intraday record at 6,095.07.
"For the sixth consecutive session, the market proved again that its performance is supported by the local economy's positive prospects. Interest in local companies also continues to rise as shown by trading activity, which has gotten off to a strong start relative to last year," PSE President and Chief Executive Officer Hans B. Sicat said in a statement.
Asian markets were generally higher on Wednesday's trading, as the US corporate earnings season opened on a positive note.
Advancers beat decliners 109 to 73. Among today's gainers were Metropolitan Bank and Trust which rose 2.2% to P105.70, BDO Unibank which climbed 0.46% to P75.50. Philippine Long Distance Telephone went up 0.08% to P2,648.
The average daily turnover jumped 52% to P7.33 billion from P4.82 billion during the same period last year.
Meanwhile, at the foreign exchange market, the peso ended 6 centavos stronger, closing at P40.78 against the dollar. - With ANC