Source: Philippine Stock Exchange

Philippine shares rose more than 5 percent during shortened trading on Wednesday after President Rodrigo Duterte signed a bill granting him extra powers and a massive war chest to stem the Covid-19 outbreak.

The main share index, which had sunk to 12-year lows during the Covid-19 quarantine, bounced back to the 5,000 level, adding 253.49 points to close at 5,027.76.

The all-shares index rose nearly 4 percent 3,065.13. All sector indices were in positive territory.

More than 929 million shares worth P8.3 trillion changed hands. A total of 158 shares advanced while 44 declined. Twenty-nine issues were unchanged.

The Philippine Stock Exchange tracked gains elsewhere. The Dow Jones jumped 11 percent or 2,113 points in its biggest recovery since 1933, while the FTSE 100 and Hong Kong’s Hang Seng Index rose 9 percent and 2.8 percent, respectively. (