Philippines’ shares rally on foreign buying amid easing nCoV fears

Share prices on the Philippine Stock Exchange rallied more than 1% on Wednesday as waning concerns over the novel coronavirus outbreak prompted foreign investors to come back to the local market.

The bellwether PSEi gained 125.95 points or 1.74% to 7,352.85 at the closing bell. The broader All Shares increased by 60.36 points or 1.41% to 4,354.25.

"Here at the PSE, the main index ended higher today with foreign investors coming back into our market," AAA Equities head of research Chris Mangun said.

Foreign funds bought P6.467 billion and sold P4.927 billion for a net buying position of P1.540 billion.

The local market followed the recovery in US equities markets overnight amid easing fears of coronavirus' impact on the global economy as China enacts aggressive measures to limit the fallout from the virus, according to Mangun.

More than 1.271 billion shares valued at P9.074 billion, changed hands. Advancers led decliners, 110 to 74, and 48 issues were unchanged. — Ted Cordero/RSJ, GMA News