Philippine shares rebound as focus shifts from COVID-19

Philippine share prices posted a recovery on Wednesday, helped by bargain hunting from both local and foreign players, amid the shift of focus from the coronavirus disease (COVID-19) to market fundamentals.

The bellwether PSEi gained 74.05 points or 1.01% to 7,396.34 at the closing bell. The broader All Shares increased by 21.11 points or 0.49% to 4,362.09.

“Some investors have given the country a chance for bargain hunting as new COVID-19 cases in China continued to fall with markets less focus on the outbreak,” Regina Capital Development head of sales Luis Limlingan said.

Mainland China had 1,749 new confirmed cases of coronavirus infections on Tuesday, the country's National Health Commission said on Wednesday, down from 1,886 cases a day earlier and the lowest since Jan. 29, according to a report by Reuters.

The market also saw a net foreign selling of P62.7 million as foreigners bought P3.773 billion shares and sold P3.710 billion.

“More foreign inflows in the coming days may lift the general sentiment as heavy foreign selling in the last six months has taken a toll on our market,” AAA Equities head of research Chris Mangun said.

“We may see the PSEi test the 7,475 resistance before the end of the week,” Mangun said.

More than 621.158 million shares valued at P6.489 billion, changed hands. Advancers led decliners, 101 to 91, and 48 issues were unchanged. — RSJ, GMA News