PHL shares up 1.005% on Gilead’s COVID-19 drug developments

Philippine share prices continued its rally on Thursday as investors cheered the latest development on an experimental antiviral drug which might be effective in treating COVID-19.

The bellwether PSEi gained 56.74 points or 1.005% to 5,700.71 at the closing bell. The broader All Shares increased by 20.55 points or 0.60% to 3,445.83.

“Philippine equities jumped on the back of positive data from a potential coronavirus treatment from Gilead Sciences,” Regina Capital head of sales Luis Limlingan said.

New clinical data on Gilead Sciences Inc's experimental antiviral drug remdesivir has raised hopes it might be an effective treatment for the novel coronavirus that has infected more than 3 million people and killed over 225,000 worldwide, according to a report by Reuters. 

More than 590.395 million shares valued at P6.579 billion, changed hands. Advancers led decliners, 120 to 71, and 46 issues were unchanged. -NB, GMA News