Index surges, hits new 5-year high

The local stock market started the week on a high note, surging to its highest close in almost five years on the back of encouraging eco- nomic data here and abroad.

- By BRIX LELIS

The benchmark Philippine Stock Exchange index (PSEi) climbed by 1.16 percent or 86.76 points to finish at 7,554.68 yesterday.

The broader All Shares index also gained by 1.02 percent or 41.32 points to end at 4,082.97.

AB Capital Securities Inc. vice president Jovis Vistan said the local bourse breached the critical 7,500 resistance level as investors cheered the stronger-than-expected jobs data in the US and the inflation slowdown on the domestic front.