Philippine shares up on declining global COVID-19 cases

Share prices on the Philippine Stock Exchange closed in the green on Wednesday as investor sentiment got a boost from reports that global COVID-19 cases are declining.

The benchmark PSEi gained 16.80 points or 0.23% to 7,802.15 at the closing bell. The broader All Shares increased by 10.88 points or 0.26% to 4,260.81.

“The PSEi continued higher today as more investors turned optimistic, brought by a decline in new global COVID-19 cases,” AAA Equities head of research Chris Mangun said.

In its weekly epidemiological update published February 9, the World Health Organization (WHO) said global new COVID-19 cases declined by 17% compared to the previous week with over 3.1 million new cases reported.

This is the lowest figure since October 26, 2020, according to the WHO.

“This renewed optimism has encouraged investors that were on the sidelines to take a second look at the market,” Mangun said.

“Even foreign investors were net-buyers today after months and months of heavy selling,” he said.

Foreign funds bought P2.688 billion shares and sold P2.656 billion for a net buying position of P122.86 million.

More than 27.5 billion shares valued at P11.668 billion, changed hands. Advancers led decliners, 130 to 91, and 44 issues were unchanged.—AOL, GMA News