PSE SURGES TO RECORD HIGH

The Philippine Stock Exchange (PSE) surged to a record high helped by a big volume of net foreign buying as investors rushed to get into stocks in what is seen as a bullish run.

PSE's index rose by a hefty 349.63 points or 5.23 percent to hit a new milestone of 7,035.48 points as it topped the Feb 26, 2020 close of 6,909.84 points with gainers of 131 and losers of 87 and 35 shares unchanged.

Net foreign buyers reached a record P2.276 billion as the foreign investors went back big time to push the value turnover to P13.07 billion. Foreign buying amounted to P5.823 billion while foreign selling hit P3.547 billion.

Market bellwether SM Investments added a big P110 to close at P1,100 as it emerged the most active stock with transactions if P1.436 billion while Ayala Land was the second most active with P1.23 billion with its share price up by P3.05 to P37.75.

Almost all the top 20 stocks showed big gains with Chelsea Logistics as top gainer with a 24.51 per cent rise as it's stock went up by P1.24 to P6.30. Bank stocks were also up with BDO Unibank gaining P2.85 to P95.30, Bank of PI up P3 to P81 and Metrobank up P1.25 to P43.15.

Jollibee Foods hit P200.20, up P1.30 while Ayala Corp gained P51 to P840. SM Prime rose by P2.40 to P38.30 emerging as the third most active with P939.37 million.