The local stock barometer returned to the 7,000 level on Wednesday, marking its best finish in nine months, as investors took heart from a string of favorable news about coronavirus vaccine development.
The main-share Philippine Stock Exchange index (PSEi) racked up 92.64 points, or 1.33 percent, to close at 7,051.78, revisiting levels before the coronavirus pandemic-induced lockdowns that resulted in an economic recession this year. This suggested that investors were starting to gain confidence that the pandemic may end soon.
This marked the PSEi’s highest finish since Feb. 24, when it ended at 7,187.44.
“It’s a recovery story,” said Joseph Roxas, president of Eagle Equities In…