PSEi surges 7.44% on US stimulus optimism

The Philippine Stock Exchange index (PSEi) surged by 7.44 percent, closing at 5,401.58 points, driven by optimism surrounding the passage of a massive US$2 trillion stimulus package aimed at mitigating the economic impact of the coronavirus pandemic.

This rally marked the PSEi's best single-day performance since Aug. 21, 2007, when the index rose by 9.82 percent.

However, the local stock market remains in bear territory, still 40.4 percent below its peak recorded on Jan. 29, 2018.

The rally was led by SM group-led companies, with SM Prime surging by 14.81 percent and BDO Unibank gaining 15.7 percent.

Domestic investors largely supported the day's upswing, compensating for foreign investors' sluggish appetite, as they anticipated local pump-priming measures.

All market counters ended higher, with the property and financial subindices leading the gains, rising by 9.33 percent and 8.31 percent, respectively.