The benchmark Philippine Stock Exchange Index (PSEi) gained on Wednesday on optimism that local COVID-19 infections would continue to decline and after Wall Street extended gains overnight.
By the closing bell on Wednesday, the PSEi rose 0.7 percent, or 48 points, to 6,918.41 while the broader all-shares index climbed 0.5 percent, or 20.69 points, to 4,203.59.
The Department of Health reported 3,666 new COVID-19 cases on Tuesday, lower than the previous two days, although over a dozen labs were unable to submit results.
US stocks also gained after Federal Reserve chair Jay Powell said during a Congressional hearing they would continue to support economic growth and reiterated st…
Keep on reading: PSEi gets push from declining virus cases, Fed promise