Optimism on COVID-19 economic stimulus boosts PSEi

Philippine share prices continued its rally on Wednesday amid high hopes over the government’s stimulus programs to keep the economy afloat despite the COVID-19 crisis.

The benchmark PSEi gained 165.17 points or 2.86% to 5,946.05 at the closing bell. The broader All Share increased by 8.78 points or 2.39% to 3,551.73.

“Optimism on the country’s economic stimulus programs amid the coronavirus spread continue to fuel the local market’s rally,” Philstocks Financial said in its market close report.

The Duterte administration has approve a subsidy program for 3.4 million workers of some 1.6 million small businesses affected by the Luzon-wide enhanced community quarantine.

The new package is apart from the P205-billion to be given to the informal sector or low-income families.

“Local shares continued to jump, resuming the market’s sharp rebound from last month’s low, as investors grew more optimistic about the COVID-19 outbreak,” Regina Capital Development head of sales Luis Limlingan said.

More than 911.537 million shares valued at P9.103 billion, changed hands. Advancers led decliners, 135 to 66, and 40 issues were unchanged.—AOL, GMA News