The benchmark Philippine Stock Exchange index edged higher on Wednesday as investor confidence grew despite the recent increase in COVID-19 infections.
By the closing bell on Wednesday, the PSEi rose 0.69 percent, or 41.06 points, to 5,995 while the broader all-shares index was up 0.42 percent, or 14.69 points, to 3,551.98,Chris Mangun, research head at stock brokerage firm AAA Equities, said gains on Wednesday “wiped out all of the losses that we saw at the end of July.”
“Investors are slowly gaining confidence after reassurance that the lockdown will be eased at the end of the week. Vaccine hopes have also lifted the sentiment,” he said in a research note.
miguelrcamusINQ Meanwhile the harsh reality on the ground continues to be ignored by the Duterte administration and the useless Legislature.
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