PSEi climbs fifth straight session on declining COVID-19 cases

The Philippine Stock Exchange Index (PSEi) rose for the fifth consecutive session on Wednesday, climbing by 16.6 points or 0.24% to close at 7,082.15.

Investor optimism was fueled by a decline in global COVID-19 cases and expectations of continued low interest rates from the central bank’s policy review.

Foreign investors turned net buyers for the first time in months, with P122.86 million worth of net foreign buying recorded for the day.

The World Health Organization reported that new global cases declined by 17% compared to the previous week, boosting market sentiment and encouraging previously cautious investors to return.