Net foreign buying in the Philippine stock market surged by 86.2 percent to 46.56 billion pesos (1 billion U.S. dollars) in the first five months this year, compared with 25 billion pesos in the same period last year, said the Philippine Stock Exchange (PSE) on Sunday.

The net foreign buying is computed by total foreign buying minus selling within a given period of time.

The stock exchange also said total foreign buying from January to May this year almost doubled to 280.31 billion pesos (6 billion U.S. dollars) from the 141.2 billion pesos posted in the corresponding period last year.

Total foreign selling increased by 101.3 percent and attained 233.75 billion pesos (5 billion U.S. dollars).

PES index reaching new highs on May 18 when its composite index closed at 3,449.18 points, highest in 10 years' time.

The index at 3,474.67 on May 31, or 16.5 percent higher than its level of 2,982.54 at the end of 2006.

Last Friday, the index closed again at a new record high of 3, 671.29 points.

Source: Xinhua