The local stock market surged on optimism over a US stimulus package as well as the steps being taken by the Philippine government to reopen the economy.
The main index jumped 165.88 points or 2.71 percent to close at 6,278.59 as all sectors rose, led by the Financials counter.
The rally was backed by string volume of 2 billion shares worth P10.52 billion as gainers swamped losers 163 to 49 with 39 steady.
“Positive sentiment carried over to the Philippine market after negotiations on a new round of fiscal stimulus looked like making some progress with the Trump administration and House Democrats set to talk again,” said Regina Ca Development Corporation Managing Director Luis Limlingan.
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local market extended its rally this Wednesday amid hopes of further reopening in the local economy, and positive cues from Wall Street.”
He noted that, “This has been the local bourse’s highest surge since its 271.84 points (4.35 percent) rally last June 4, 2020. Foreigners turned net buyers with net inflows amounting to P343.2 million. This ended the market’s 28-day net foreign selling streak.