PSE SURGED FURTHER

The Philippine Stock Exchange (PSE) index soared further hitting near its so-called resistance level as more investors parlayed their funds into the market pushing it to 7,194.13 up by 113.51 points or 1.60 percent.

Selected blue chips rose with the bank stocks occupying top tiers in the most active stock as value turnover amounted to P10.73 billion with 121 gainers, 98 losers and 43 shares unchanged.

Metrobank was the most active with trades of P722.75 million with its share price rising P1.70 to P50.90, followed by Bank of PI with P631 million, with its shares up P4 to P84 and then BDO Unibank with P591 million, with its shares gaining P3.40 to P107.50.

Another bank, Security Bank was the fifth most active with P449 million, with its shares up by P8.50 to P132. Ayala Land was fourth most active trading P569 million with its shares down 90 centavos to P39.60.

Net foreign selling amounted to P282 million, with market bellwether SM Investments getting net buys of P15 million in its P17 increase to P1,047, while Jollibee Foods rose by P5.80 to P204.80.

Globe Telecom was up by P30 to 2,030, while PLDT lost P8 to P1,352. Market darling MerryMart dropped by 14 centavos to P5.93. Ayala Corp gained P11 to P860.

Local investors have been trooping to the stock market as interest rates in the banks and bonds are low, according to market players.