By James A. Loyola
Stocks rose again on Wednesday as investors were calmer and continued to pick up bargains. The Philippine Stock Exchange index (PSEi) rose 87.29 points, or 1.64 percent, to close at 5,408.52.
All indicators were green with the services sector leading the advance. Volume was lower though at 498 million shares worth ₱5.58 billion with advancers edging out losers 99 to 87 as 41 were unchanged.
“Philippine shares started the second quarter on an optimistic note as investors are hoping the market has bottomed, with many strategists expecting a ‘V’ shaped recovery, a sharp drop in GDP in the second quarter and a swift snapback in the third quarter of 2020,” said Regina Capital Development Corp. Managing Director Luis Limlingan.