PSEi inches closer to 6,200

ABS-CBN News

Posted at Jan 28 2013 05:25 PM | Updated as of Jan 29 2013 01:25 AM

MANILA, Philippines - The Philippine Stock Exchange index inched closer to the 6,200 level, settling at 6,192.42 up 0.40% on Monday.

This was the main index's 10th record close so far this year.

"Asian markets today were optimistic on global growth given favorable economic data from China on industrial profits. This further affirms the long-term growth story of the Philippines which continues to attract investors to the stock market," PSE President and Chief Executive Officer
Hans B. Sicat said in a statement.

The rally was boosted by gains in Alliance Global, which surged 4.69% to P18.30, and Meralco which jumped 3.37% to P294.20.

First Gen and Energy Development Corp. are also up.

Meanwhile at the foreign exchange market, the peso ends 25 centavos weaker, closing at P40.91 against the dollar. - ANC