Stocks surge at strongest pace in 13 years

MANILA, Philippines — Local stocks rallied for a third straight day yesterday, surging at its strongest pace in nearly 13 years, as investors sought comfort in the US government’s fiscal response plan to the COVID-19 pandemic.

The benchmark Philippine Stock Exchange index or PSEi soared 373.82 points or 7.43 percent to finish at 5,401.58.

Yesterday’s close marked the PSEi’s biggest one-day percentage increase since 2007.

Investors looking for cheap stocks also came rushing back to the market.

“Bargain hunting extended the local market’s rally by 373.82 points or 7.44 percent as the government continues to seek ways to support the economy amid the pressing times. Volume and value turnover posted 590.84 million and P7.67 billion, respectively. Properties led a broad-based advance with gainers edging losers, 150 to 48. Asian markets traded mixed as investors wait for the US jobless claims data,” said Philstocks Financials.

The US Senate has approved a proposed $2.2-trillion virus aid package following a delay over its details and sent the measure to the House of Representatives.

The package, the biggest relief bill in US history, is intended as relief for an economy spiraling into recession or worse due to an infection that has killed more than 21,000 people worldwide.

The Senate approved the package to blunt the impact of business shutdowns due to the coronavirus outbreak despite arguments over whether it does too much or too little for companies, workers and health care systems.

The measure goes to the House, which is expected to approve it Friday.