The local stock market rose to unprecedented heights on 20 November, bringing the main index to the 5,500 mark on rosy domestic economic prospects for 2013 alongside fresh hopes on the US economy. The main-share Philippine Stock Exchange index gained 51.03 points, or 0.94 per cent, to close at 5,500.58. A new intraday peak of 5,510 was also recorded.

According to Philippine Stock Exchange chief operating officer Roel Refran, the new highs reflect th strength of the Philippine economy which prods foreign investments in the country.

Paul Joseph Garcia, senior vice president at Bank of the Philippine Islands, said the local stock market had more room to go up and target 5,600 by the end of the year and further to 6,500 by 2013, reports Philippine Daily Inquirer