PSEi hits 6,300 for the first time

Posted at 01/30/2013 12:23 PM | Updated as of 01/30/2013 3:54 PM

 MANILA, Philippines (UPDATE) - The Philippine Stock Exchange index (PSEi) breached the 6,300 level for the first time on Wednesday. 

Philippine stocks soared, hitting 6,301 at 1:50 p.m.  

In morning trade, the main index inched closer to the 6,300 level. At noon, the PSEi stood at 6,293.37, up 0.94%. 

The government prepares to release the 4th quarter and full-year GDP data on Thursday. President Aquino on Tuesday said the Philippine economy surpassed its 5 to 6% GDP target for 2012, saying "all of us will be impressed" by the figures.

A Bloomberg survey estimates the Philippine econmy grew by 6.3 percent, Reuters 6.4 percent and NEDA chief Arsenio Balisacan says 6.5. percent.