Most stocks yesterday saw their biggest rally in six months, catapulting the main stock barometer to the 6,600 mark, as investors scooped up bargains in anticipation of an economic and corporate earnings recoveries.
The main-share Philippine Stock Exchange index (PSEi) racked up 323.90 points or 5.11 percent to close at 6,665.14 in heavy volume, as local investors made up for sluggish foreign investor appetite.
This marked the PSEi’s biggest gain in a single day since November 10, 2020 when the index surged by 5.23 percent following a surprise interest rate cut by the Bangko Sentral ng Pilipinas.
There were still some outflows related to the latest MSCI rebalancing, as it was th…
Keep on reading: PSEi awakens, barrels past 6,600 in stunning rally