The local bourse opened the week strong, breaching the 5,500-point level on Monday.
The benchmark Philippine Stock Exchange Index (PSEi) soared 223.84 points or 4.19 percent to end at 5,570.81 while the wider All Shares climbed 3.10 percent or 101.09 points to close at 3,360.75.
The market’s closing figure also served as its intraday high to surpass its opening of 5,380.51.
In a market comment, Philstocks Financial Inc. said “positive cues from Wall Street futures sent the local bourse higher today.”
Also, Philstocks research associate Japhet Tantiangco attributed the positive market sentiment to cues from United States futures.
“US futures were up by more than 3 percent as of 1 p.m. pointing to a rally in Wall Street tonight,” Tantiangco said.
He added that foreign funds continue to exit, already at a “16-day net selling streak averaging P879.63 million worth of outflows per day.”
“This shows that local investors have been doing the heavy lifting in the market’s rally,” he explained.
Meanwhile, Regina Capital Development Corp. head of sales Luis Limlingan attributed the improvement to the decline in the “Eurozone epicenter cases,” which signals “the possibility of some stability in the spread of the (coronavirus disease 2019).”
Diversified Securities Inc. trader Aniceto Pangan concurred with Limlingan’s sentiments.
“With the number of coronavirus easing on its death toll in hardest hit [areas] such as New York and Italy, most of the regional markets went up on improved positive investor sentiment including the local market,” he said.
Wall Street skidded as Dow Jones, S&P 500 and Nasdaq fell 1.69 percent, 1.51 percent and 1.53 respectively.
Meanwhile, neighboring Asian markets also rallied with Tokyo up 4.24 percent, Hong Kong better by 2.05 percent, Seoul jumping 3.85 percent, Jakarta improving 3.79 percent, Singapore rising by 3 percent, Thailand inching up 0.05 percent and Ho Chi Minh surging 4.98 percent. Shanghai’s market was closed for the Qingming Festival.
All local sectors emerged victorious with industrial leading at 6.72 percent.
Volume turnout was at 757.004 million valued at P4.86 billion. Gainers edged losers at 119 to 76, while 41 remain unchanged.