MANILA – Lower number of new coronavirus disease 2019 (Covid-19) cases in some European countries boosted anew local stocks Wednesday, while the peso remained on sideways movement.
The Philippine Stock Exchange index (PSEi) rose by 2.86 percent, or 165.17 points, to 5,946.05 points.
All Shares increased by 2.39 percent, or 82.78 points, to 3,551.73 points.
Financials index surged by 4.47 percent and was trailed by the Mining and Oil, 4.06 percent; Holding Firms, 3.32 percent; Property, 2.56 percent; Services, 1.03 percent; and Industrial, 0.96 percent.
Volume totaled to 911.54 million shares amounting to PHP9.1 billion.
Gainers surpassed losers at 135 to 66, while 40 shares were unchanged.
Regina Capital Managing Director Luis Limlingan said investors are becoming more optimistic about the Covid-19 outbreak.
This, as Spain, Germany and Italy reported fewer number of infected patients.
To date, there are about 1.98 million infections worldwide while deaths are almost 125,000.
In the US, White House economic adviser Larry Kudlow said President Donald Trump will make “very important announcements” this week about the re-opening of the world’s largest economy after a stay-at-home policy was put in place for a few weeks to address the rise of Covid-19 cases.
Limlingan also cited a statement by Federal Reserve Bank of St. Louis President James Bullard who said the US economy can post a “V-shaped” recovery in the second half of the year if the government and the businesses powerfully address the pandemic.
Meanwhile, the International Monetary Fund projects the sharpest “great lockdown” recession because of Covid-19.
In its World Economic Outlook released on April 14, the lender forecasts global growth to decline to -3 percent this year from its previous projection of a 6.3-percent output.
Meanwhile, the local currency ended Wednesday at 50.62, little changed from its 50.63 close a day ago.
It opened the day at 50.65 and traded between 50.6 and 50.67, resulting in an average of 50.628.
Volume totaled to USD248.6 million, lower than its USD340.4 million Tuesday. (PNA)
