SHARE prices on the Philippine Stock Exchange continued to climb on Monday, surging by over 4 percent following positive developments overseas.
The local stock barometer gained 223.84 points or 4.19 percent to 5,570.81 at the closing bell. The broader All Shares index grew by 101.09 points or 3.10 percent to 3,360.75.
Regina Capital Development Corp. head of sales Luis Limlingan attributed Monday’s rally to the decline in confirmed coronavirus disease cases, which could signify stability moving forward.
“Local shares climbed as the Eurozone epicenter cases declined, signaling the possibility of some stability in the spread of the disease,” he said in a mobile message.
“Spain became the epicenter of the pandemic in Europe as the total number of cases surpassed Italy, but deaths in both of those countries and France all fell on Sunday from the previous day,” added Limlingan.
Moving forward, the market will closely monitor the release of economic data – March inflation and February manufacturing data today, April 7; and February trade data tomorrow, April 8.
More than 757.004 million shares, valued at P4.856 billion, changed hands. Advancers led decliners, 119 to 76, and 41 issues were unchanged.(GMA News)
