Philippine stocks recover as global efforts boost sentiment

Philippine stocks recovered slightly on Tuesday, March 3, as news about global efforts to address the impact of coronavirus lifted investor sentiment.

The PSEi rose by 0.61 percent or 41.26 points to close at 6,790.54 points after two days of decline.

Financials, Holding Firms, Property, and Mining and Oil sectors saw gains, while Industrial and Services sectors declined slightly.

On Monday, March 2, the PSEi fell further by 38.63 points or 0.57 percent to close at 6,749.28 due to foreign selling and concerns over regulatory risks.

The broader all shares also lost ground, with most subindices declining except for Property which gained 1.5%.

Local stockbroker Papa Securities suggested accumulating stocks between the 6,500 support level and the index’s breakdown point around 7,200.

Investors remained cautious amid growing public concern about the virus's global economic impact.