Philippine shares rebounded on Monday, as traders bought select stocks at the market-on-close (MOC) following updates regarding the coronavirus pandemic.
The main PSEi gained 32.36 points or 0.51% to 6,347.43 at the closing bell. The broader All Shares index grew 22.35 points or 0.61% to 3,706.90.
According to Regina Capital Development Corp. head of sales Luis Limlingan, there was selective buying near the close of Monday's session.
"Buyers bought selectively into the local market at market-on-close after the World Health Organization signaled that the coronavirus pandemic remains a deadly threat," he said in a mobile message.
The World Health Organization (WHO) over the weekend reported a record increase in global coronavirus cases, a record of over 183,000 cases in a 24-hour period.
"WHO's Tedros cited that the pandemic is accelerating, with more than 150,000 new cases of COVID-19 reported the day before," said Limlingan.
He was referring to Tedros Adhanom Ghebreyesus, director general of WHO.
Locally, there have been a total of 30,052 confirmed cases of COVID-19 in the Philippines as of Sunday, June 21, 2020. This includes 7,893 recoveries and 1,169 deaths.
More than 1.212 billion shares, valued at P7.325 billion, changed hands. Decliners trumped advancers, 113 to 87, and 47 issues were unchanged. --KBK, GMA News
Source: Peso Economics
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