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PHL stocks climb as investors pick up bargains
Philippine shares continued their rally on Wednesday, with the PSEi increasing by 165.17 points, or 2.86%, to close at 5,946.05.
The broader All Share index saw a rise of 8.78 points, or 2.39%, reaching 3,551.73.
Investors responded positively to government fiscal and monetary stimulus packages aimed at mitigating the economic impact of the COVID-19 pandemic.
The Duterte administration approved a subsidy program for 3.4 million workers of 1.6 million small businesses affected by the Luzon-wide enhanced community quarantine.
This new package is separate from the P205 billion allocated for the informal sector or low-income families.
The government will also grant small businesses a credit guarantee to facilitate access to bank financing.
More than 911.537 million shares valued at P9.103 billion changed hands, with advancers leading decliners, 135 to 66.
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The Philippine Stock Exchange index (PSEi) rose by 2.86 percent, or 165.17 points, to 5,946.05, boosted by investor optimism over decreasing COVID-19 cases in some European countries.
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The Philippine Stock Exchange index (PSEi) dropped by 7.07% on Thursday, ending a three-day winning streak due to profit-taking and concerns over the economic impact of COVID-19.
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Philippine shares rebounded on Friday, April 17, 2020, with the PSEi gaining 4.78% to close at 5,789.97.
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The Securities and Exchange Commission (SEC) is confident that the Philippine capital market will make a strong recovery from the impact of the COVID-19 pandemic, citing continued strong support from the investing public.
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The Philippine government aims to raise P1.17 trillion, equivalent to 5% to 6% of the country's GDP, to fund its COVID-19 response and mitigate economic effects.
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