By James A. Loyola
The local stock market rallied for the third straight session yesterday on encouraging news regarding the novel coronavirus pandemic.
The rest of Asian bourses also staged strong rebound. The Philippine Stock Exchange index (PSEi) surged 153.66 points, or 2.09 percent, to 7,506.51 with all sectors advancing, led by the Property counter.
Volume was lower although still above the recent norm with 6.22 billion shares worth ₱7.04 billion changing hands as gainers beat losers 115 to 70 with 46 unchanged.
“Philippine shares rose after several source cited that a vaccine is nearing and new case has stabilized and ahead of the BSP meeting,” said Regina Capital Development Corp. Managing Director Luis Limlingan.