Stocks rise on recovery hopes

Published June 18, 2020, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Share prices rose yesterday after a weak start as hopes of economic recovery outweighed concerns over the growing number of COVID -19 cases.

The Philippine Stock Exchange index (PSEi) rose 66.44 points, or 1.06 percent, to close at 6,348.45 although the Services and Mining & Oil counters retreated.

Volume jumped to 2.77 billion shares worth P10.44 billion but losers still beat gainers 124 to 69 with 46 unchanged.

“Local shares were bought up towards closing as investors monitored signs of a revival of the coronavirus pandemic in some U.S. states and China, while still hoping for a quick economic recovery as business activity resumes,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

 
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