PSE INDEX SURGES TO NEW HIGH

The Philippine Stock Exchange (PSE) index surges to a new high as investors took advantage of the historic 10 year low of the index to perk up the market in a big way with a hefty 323 points increase or 5.11 percent to jump over three milestone levels to 6,665.14 points.

Investors again picked up bargains with six blue chips trading more than a billion pesos as the country's economic numbers turned better such as the deficit levels and the new gross international reserves level of $107 billion, enough to answer for almost eight months imports.

Value turnover reached P23.814 billion though net foreign selling still persisted as foreign buying hit P16.574 billion while foreign selling amounted to P17.461 billion.

Market bellwether SM Investments rose by 7.96 percent as it closed P74 higher to P995, while Megaworld added 15 centavos or 5.34 percent to P2.96 - even with foreign selling of P425 million.

SM had foreign buying of P183 million while Jollibee Foods had foreign buying of P165 million as it rose by P12.30 to P194.30.

BDO Unibank was the day's s most active with trades of P2.666 billion, of which foreign selling accounted for P897 million as it dropped by P2.90 to P98.50.

PLDT had trades of P1.183 billion as it gained P3 to P1,283. Puregold traded P1.96 billion as its share price went up by P1.45 to P36.95.

All sub-indices were up with the holding firms and property sector up 7.65 percent and 6.14 percent, respectively, with gainers almost triple the losers at 145 to 60 with 39 shares unchanged. The surge in investments in the market followed the announcement by the government of P215 billion in treasury bill borrowings to induce the revival of the economy.

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