5 days PSEi surges 7.44%; investors cheer news of $2-T US spending program Inquirer
Corporate Philippines regained P548.35 billion from the local stock market on Thursday as bargain hunters took heart from an upcoming $2-trillion COVID-19 US spending program, thus driving the sharpest rally seen in 13 years. The main-share Philippine Stock Exchange index (PSEi) recouped 373.82 points, or 7.44 percent, to close at 5,401.58 points, gaining for the third straight session and tracking upbeat US and regional markets. This marked its best single-day performance since Aug. 21, 2007, when the index rose by 9.82 percent. However, the local stock market remains in bear territory as it is still 3,657.04 points, or 40.4 percent, ... more