Stocks rallied after the lunchtime break as the Philippine Stock Exchange index closed above the 7,000 point mark on Thursday.

The index surged 2.77 percent to end at 7,022.38 points. At the broader market, advances totaled 120 against 63 declines, with 44 remaining unchanged.

The property sector pulled the market higher as the index surged 4.07 percent, led by Ayala Land and SM Prime Holdings.

The peso gained slightly to end at P49.695 against the US dollar from Wednesday’s P49.75 at the Philippine Dealing System. Volume rose to $404 million from $351.20 million in the previous day. DMS