By James A. Loyola
The local stock market rallied as investors return to the market, taking strength from the surge in US markets overnight. The main index jumped 191.40 points or 2.56 percent to close at 7,680.60 as share prices rose across the board.
Trading volume doubled to 985.18 million shares worth P7.16 billion. Advancers swamped decliners, 135-61, with 44 issues unchanged.
“Philippine investors used the momentum from yesterday and the overnight performance of the US as part of the furious rally,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “after a tumultuous 2018, wherein the country was perceived as a more risky asset, sentiment has changed as most of Asia has witnessed steep declines. The Philippines however seems to have been given an overweight rating relative to other economies.”