PSEi rallies 1.42% on lower inflation, COVID-19 optimism

Philippine shares experienced a significant rally on Tuesday, with the PSEi gaining 1.42% to close at 5,650.01, driven by a combination of lower inflation figures and encouraging signs regarding the COVID-19 pandemic.

The country's inflation rate for March was recorded at 2.5%, a decrease from the previous month's 2.6% and lower than the year-on-year rate.

Market sentiment was also positively influenced by indications that the number of new COVID-19 cases in the United States might be plateauing.

Globally, other Asian markets also saw gains as investors took hope from the perceived stabilization of the COVID-19 crisis in New York and signs of receding cases in Europe.

In hard-hit areas like Italy and Spain, authorities are beginning to consider easing lockdown measures following consistent declines in coronavirus-related fatalities.

Specifically in New York, daily death tolls have steadied, and hospitalizations, intensive care admissions, and ventilator use have all decreased.

US President Trump expressed optimism, stating he saw 'light at the end of the tunnel,' while New York's governor noted that daily deaths were showing signs of hitting a plateau.