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Philippines’ shares rally on foreign buying amid easing nCoV fears
Philippine shares rebounded on Wednesday, with the PSEi gaining 1.74% to close at 7,352.85, as investor worries about the novel coronavirus (nCoV) outbreak continued to dissipate.
Foreign investors returned to the local market, showing a net buying position of P1.540 billion.
The local market followed the recovery in US equities markets amid easing fears of the coronavirus' impact on the global economy.
More than 1.271 billion shares valued at P9.074 billion changed hands, with advancers leading decliners.
The DOH is studying 80 persons for possible infection, with two confirmed cases including a 44-year-old Chinese man from Wuhan who died in Manila.
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The Philippine peso recovered on Friday, January 31, 2020, closing at P50.83:$1, following the World Health Organization's declaration of the novel coronavirus outbreak as a global health emergency.
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Philippine stocks are anticipated to trade sideways this week as concerns surrounding the novel coronavirus (nCoV) begin to ease and corporations start releasing their earnings reports.
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Local share prices and the peso declined due to worries about the impact of the novel coronavirus originating from China.
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The Philippine peso strengthened against the US dollar, closing at P50.83 from P50.96 on Thursday, despite concerns over the novel coronavirus.
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The Philippine Stock Exchange index (PSEi) surged for the third straight session, gaining 2.09 percent or 153.66 points to close at 7,506.51.
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