Stocks surge further, index breaches 8,000

By James A. Loyola

The local stock market yesterday followed through on last week’s gains after Bangko Sentral ng Pilipinas Governor Benjamin Diokno’s promise of further policy easing.

The Philippine Stock Exchange index (PSEi) jumped 114.86 points, or 1.44 percent, to close at 8,084.88 as the Property counter led all sectors in the advance.

A total of 1.33 billion shares valued at P10 billion changed hands. Advancers swamped decliners, 120-72, with 48 issues unchanged.

“Investors continue to flock into the Philippine market, with today’s concentration in the property sector today as many are still wary of investing outside the country,” said Regina Capital Development Corporation Managing Director Luis Limlingan.