PSEi rallies 1.42% on lower inflation print, slowing US COVID-19 cases

Philippine shares rallied on Tuesday as the market got a boost from the slower March inflation print and hopes of plateauing cases of COVID-19 in the US.

The benchmark PSEi gained 79.20 points or 1.42% to 5,650.01 at the closing bell. The broader All Shares increased by 32.30 points or 0.96% to 3,393.05.

“Philippine shares climbed once more as inflation remained benign and as the new coronavirus cases in the US appeared to slow down,” Regina Capital Development head of sales Luis Limlingan said.

Inflation clocked in at 2.5% in March, slower than 2.6% in February and 3.3% year-on-year. 

Asian markets also rallied on hopes that the COVID-19 crisis may be leveling off in New York and receding in Europe. 

In hardest-hit Italy and Spain, authorities are starting to look ahead to easing lockdowns after steady falls in coronavirus-related fatality rates.

In New York, the number of deaths each day has also steadied while hospitalizations, admissions to intensive care and the number of patients put on ventilators all declined.

"Trump said, he saw 'light at the end of the tunnel' while New York governor said deaths were showing indications of hitting a plateau," Limlingan said.

More than 1.001 billion shares valued at P6.362 billion, changed hands. Advancers led decliners, 125 to 72, and 43 issues were unchanged. --KBK, GMA News