Stocks rise as Wall St marks record gains

MANILA, Philippines — Local stocks rose yesterday along with other Asian shares after Wall Street capped its best quarter since 1998, shrugging off continued signs of global economic damage from the coronavirus pandemic.

Markets have continued gaining despite signs global economies are ailing seriously because of the outbreak, with uncertainty still the new normal as reported cases keep surging around the world while no cure or vaccine for COVID-19 is available.

The benchmark Philippine Stock Exchange index (PSEi) finished at 6,209.71, up 1.99 points or 0.03 percent while the broader All Shares index gained 5.58 points or 0.15 percent to finish at 3,650.75.

Total value turnover reached P15.659 billion. Market breadth was negative, with 98 decliners to 95 advancers, while 47 issues were unchanged.

“Philippine shares rallied in low volume to start the third quarter on a high on stimulus, positive trends in the virus, reopening of economics and hopes of a vaccine,” said Luis Limlingan of Regina Capital.

This developed as the Philippine Stock Exchange Inc. (PSE) said its first quarter net income reached P50.62 million, down by 71.1 percent from P175 million a year ago, mostly due to a 184.3 percent drop in its other income on lower fair value of investments and lower interest income.