PSEi gains 0.27% to 7,403.12 amid coronavirus fears

The Philippine Stock Exchange index (PSEi) gained 0.27% to close at 7,403.12 on Thursday, bucking mostly sluggish markets in the region.

This gain was driven by late-session selective buying of large-cap stocks, with domestic investors mostly keeping the index afloat.

Investors attempted to shake off concerns about the coronavirus's impact on corporate profits and the global economy, although the number of confirmed cases continued to rise.

Deaths from the novel coronavirus reached at least 1,357 people worldwide as of Wednesday night, with confirmed cases surging to over 60,000 globally.

Despite some optimism, many investors remain on the sidelines due to fears of a worsening pandemic, causing second and third-line stocks to decline.

The PSEi's climb was also attributed to selling off from a 52-week low, with the market respecting the 7,500 resistance on a technical perspective.

The February rebalancing of the MSCI indices was a nonevent, which has temporarily lifted some pressure off the PSEi.