The Philippine Stock Exchange index yesterday jumped by 3.45 percent after the government announced a gross domestic product growth of 7.5 percent for the second quarter.

The PSEi closed at 3,320.34, up 110.81 points. There were 119 gainers and 11 losers while 34 stocks were unchanged.

Market turnover reached 2.1 billion shares for P4.2 billion.

Jose L. Vistan, AB Capital head of research , said "the market was pulled up by the better than expected GDP number. When it opened, it was up by 60 points after Wall Street staged a rally. And then when the GDP numbers came out, it added 50 points more."

April Tan, Citiseconline analyst, said "the GDP announcement was sort of a reassurance for investors to buy."

Philippine Long Distance Telephone Co. went up P70 to P2,650.

Ayala Corp. was up P12.50 to P477.50. Ayala Land Inc. was up P1 to P14.25.

Bank of the Philippine Islands went up P2.50 to P60.50.

Metropolitan Bank and Trust Co.went up P1.50 to P55.

Meanwhile other markets rebounded after comments from Federal Reserve Chairman Ben Bernanke raised hopes of a US interest rate cut, while the yen erased nearly half of its overnight losses amid lingering credit jitters.