Stocks surge as Europe Covid-19 cases ease

By James A. Loyola

The local equities market surged yesterday as investors took heart from improving COVID-19 numbers in Europe.

The Philippine Stock Exchange index (PSEi) jumped 223.84 points, or 4.19 percent, to close at 5,580.81 as the Industrial sector led all counters in the advance.

Volume was thin though at 757 million shares worth ₱4.86 billion with gainers beat¬ing losers 119 to 76 with 41 unchanged.

“Local shares climbed as the Eurozone epicenter cases declined, signalling the possibility of some stability in the spread of the disease,” said Regina Capital Development Corporation Managing Director Luis Limlingan.