PSEi surges 1.02% on optimism about Marawi

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PHILIPPINE shares rebounded on Wednesday driven by market-moving news, particularly President Rodrigo Duterte’s declaration that the clashes in Marawi City would likely end in two weeks.

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The benchmark PSEi gained 80.23 points or 1.02 percent to close at 7,983.37. The broader All Shares went up 0.86 percent or 40.52 points to finish at 4,754.67.

Joseph Roxas, president of Eagle Equities Inc., said the market reacted positively towards the upcoming State of the Nation Address of the President and expectations of the soon-to-end battle for Marawi between government troops and terrorists.

During Phoenix Petroleum’s 10th listing anniversary on Tuesday, Duterte was upbeat, saying he sees the crisis in Marawi ending in 10 to 15 days.

All market indices were up led by property (2.14 percent), holding firms (0.94 percent), mining and oil (0.84 percent), industrials (0.75 percent), services (0.48 percent), and financials (0.07 percent).

Among the most actively traded issues, Megaworld Corp. was the biggest gainer at 5.30 percent, while BDO Unibank lost 0.16 percent.

Over 1.5 billion issues, valued at P9.35 billion, were traded. Advancers led losers, 125 to 85, and 42 issues were kept unchanged.

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