The local stock barometer firmed up for the third straight session on Tuesday as global markets cheered signs of the new coronavirus’ slowing momentum across key markets.
The main-share Philippine Stock Exchange index (PSEi) added 79.2 points, or 1.42 percent, to close at 5,650.01.
“Asian markets rallied again on growing optimism that the deadly coronavirus epidemic may be weakening as several hard-hit countries report less cases. Investors may have also been influenced by the impressive performance of US equities in [Monday] night’s trading session. Expectations of more stimulus from central banks helped improve the sentiment,” said AAA Equities head of research Christopher Mangun.
The PSEi’s gains were led by the industrial, holding firm and property counters, which all rose by over 2 percent.
The mining/oil counter also added 1.39 percent. Domestic investors supported the PSEi’s rise as foreigners remained net sellers to the tune of P357.1 million.
On the other hand, the services counter declined by 1.77 percent, while the financial counter dipped by 0.49
percent.
The stock market will be on a long weekend break in observance of Maundy Thursday/Araw ng Kagitingan and Good Friday. INQ