PSEi rallies above 7500, all counters gain

The Philippine Stock Exchange Index (PSEi) rallied to above 7,500 on Thursday as investors became more optimistic about the global community's ability to handle the novel coronavirus outbreak.

The PSEi gained 153.66 points or 2.09% to close at 7,506.51, with all counters performing well and property stocks leading gains by 3.95%.

On Wednesday, the PSEi climbed out of bear territory, rising 125.95 points or 1.74% to 7,352.85, driven by foreign buying and bargain-hunting.

The market recovery was supported by positive sentiment from global markets, including Wall Street and Chinese equities after stimulus measures were announced.

Investor concerns over the coronavirus outbreak began to ease on Tuesday as the PSEi rebounded with gains of 89.87 points or 1.26%, but global markets continued to feel the effects of the virus.