PSEi at 6,000 on Santa Claus rally

Philippine shares bounced back strongly Monday to close above the 6,000 level, as bargain hunting sparked a “Santa Claus rally.” The benchmark Philippine Stock Exchange index surged 120.39 points, or 2.03 percent, to close at 6,041.26, while the broader all-shares index advanced 48.58 points, or 1.43 percent, to 3,446.30. The peso closed at 58.73 to the U.S. dollar Friday, a slight depreciation from 58.70 on Thursday. The market’s rally was supported by strong gains across sectoral indices. Services climbed the most, up 3.13 percent, while mining and oil rose 3.09 percent as gold prices hit an all-time high. “The local…