PSEi recovers 58 points, ends 3-day losing streak

The Philippine Stock Exchange index (PSEi) ended its three-day losing streak on Thursday, gaining 58 points or 0.83% to close at 6,967.84, with bargain hunters driving the activity.

Despite the recovery, the main index failed to break the 7,000 level.

Local shares maintained their gains as investors braced for potential losses on Wall Street, influenced by the widening spread of the coronavirus epidemic outside of China.

The US Food and Drug Administration has warned that the country is on the cusp of a pandemic due to the increasing number of COVID-19 cases globally.

US indices like the Dow Jones Industrial Average and S&P 500 closed lower on Wednesday, while the Nasdaq Composite saw a slight gain.

Analysts suggest investors are beginning to disregard the possibility of a global economic recovery due to the ongoing coronavirus outbreak, which remains out of control.