The Philippine Stock Exchange index closed 150.42 points higher to end at 7,721.57. On Wednesday, the index jumped 212.94 points to 7,571.15. The index is at its highest in five months.

Volume turnover reached one billion shares valued at 12.16 billion. Foreign buying outpaced selling on Thursday with buyers purchasing 7.69 billion worth of shares and foreigners selling 6.63 billion worth of shares.

In Wednesday’s rally, foreigners sold P4.38 billion worth of shares and bought P3.93 billion of stocks..

“Optimism on third quarter earnings along with bargain hunting,” said Jonathan Ravelas, first vice president of Banco de Oro, of the market’s surge.

Philex Petroleum Corporation rose 10.15 percent after reports that a joint exploration agreement between Philippines and China may resume.

The peso strengthened to 48.160 against the US dollar from Tuesday’s 48.20 at the Philippine Dealing System. DMS