Stocks reach new high; Palace hopes PSEi will hit 6,000

ABS-CBN News

Posted at Apr 26 2012 03:03 PM | Updated as of Apr 27 2012 01:10 AM

MANILA, Philippines (UPDATE) - The Philippine Stock Exchange index (PSEi) closed at a fresh all-time high at 5,218.97 on Thursday, beating the record set on Wednesday.

The PSEi has improved 19.4% or 847.01 points, year-to-date. As of April 26, the main index has recorded 17 new closing highs. Intraday, the PSEi reached another record level at 5,247.14.

Meanwhile, Malacañang is hoping the Philippine Stock Exchange index (PSEi) will continue its rise and even breach the 6,000 level.

With the PSEi setting new record highs this year, presidential spokesperson Edwin Lacierda said there is a strong possibility the stock market will soon hit 6,000.

"Given the performance of the market, we would like to believe that there is a strong possibility that they will breach 6,000. But let me put a caveat here, the markets go up and down. But, so far, from all indications the market has been responding positively to the actions taken by this administration. So we would hope and we continue to hope that the PSE will breach 6,000," he said.

On Wednesday, the PSEi closed above the 5,200 level for the first time. - With report from Willard Cheng, ABS-CBN News