PSEi sees best performance since 2007

The local stock exchange saw its sharpest rally in nearly 13 years on Thursday as global markets welcomed a $2-trillion COVID-19 fiscal plan approved by the US Senate.

The main-share Philippine Stock Exchange index (PSEi) recouped 373.82 points or 7.44 percent to close at 5,401.58, gaining ground for the third straight session.

This marked its best single-day performance since August 21, 2007, when the index rose by 9.82 percent, giving investors more relief from the bloodbath seen in recent weeks.

The local market tracked mostly upbeat regional markets, which in turn took their cue from the continued ascent of US stocks. The Dow Jones Industrial Average rose by 2.39 percent or 495.64 points overnight.