PSE HITS 7,000 POINTS ANEW

The Philippine Stock Exchange (PSE) index surged beyond the 7,000-point level today even with the net foreign selling of P1.3 billion indicating bullish sentiment at play towing the index to 7,009.56 points, up by 218.10.points or 3.27 percent.

Gainers were ahead of losers 119-102 with 35 shares unchanged as value turnover reached P10.88 billion with foreign buying at P4.283 billion and foreign selling at P5.614 billion.

The financials were down 0.78 percent as Bank of PI shed P2.90 to P80.10 topping the most active stock list with P1.15 billion with foreign selling of P550 million, while Metrobank lost 15 centavos to P47.80. BDO Unibank bucked the trend as it closed P1.70 higher to P105 even with foreign selling of P161 million.

Market punters say that the banks could be affected by the looming bankruptcy filing of Philippine Airlines as many of the banks have exposure to the airline.

Ayala Land spearheaded the rally in property sector with a big P1.75 gain to P39.75, while Robinson's Land was also up by 84 centavos to P17.46. SM Prime went up too closing at P38 up by P2.

Market bellwether SM Investments rose by P49 to P1,018, getting a boost from foreign buying of P19 million, while ICTSI was up by P7.20 to P124 with trades of P603 million. Ayala Energy advanced by 12 centavos to P6.30.