MANILA, Philippines - Philippine stocks got off to a good start this week, with the Philippine Stock Exchange index (PSEi) breaching the 6,100 level for the first time in history on Monday morning.
The PSEi closed the day at 6,093.90 up 0.70%, surpassing the January 9 close of 6,091.18. The main index hit an intraday high of 6,115.18.
Freya Natividad, an analyst from 2TradeAsia, said the PSEi is seen to hit the 6,500 level in the near term.
"Conservatively we are looking at 6,500 in the near term, this is expected to be supported by the robust economic growth which we see around 6 to 7% as well as benign inflation rate at 3.5 to 4%. Other factors include improved corporate and government spending, as well as election spending within the first half," she told ANC.
One of today's gainers was Alliance Global Group, which went up 0.81% to close at P17.40. On Monday, AGI's Emperador Distillers said it is buying a Spanish brandy maker.
Other gainers were BDO which climbed 2.46% to P77.00 and Metrobank which rose 1.22% to P107.60.
Meanwhile, at the foreign exchange market, the peso ended 5 centavos weaker, closing at P40.55 against the US dollar. - With ANC