The local stock barometer raced back to the 5,700 level on Friday as investors across the region welcomed news about potential coronavirus disease (COVID-19) cure alongside plans to reopen the US economy.

The main-share Philippine Stock Exchange index (PSEi) recouped 264.37 points or 4.78 percent to close at 5,789.97, likewise buoyed by the Bangko Sentral ng Pilipinas’ off-cycle 50-basis point interest rate cut.

Investors welcomed reports that an experimental treatment by Gilead Sciences showed positive response from severe COVID-19 patients in Chicago.

On the other hand, investors shrugged off news about the 6.8-percent first quarter economic contraction reported in China, the first seen since 1976.

For the week, the PSEi advanced by a total of 279.14 points or 5 percent.

All counters ended higher, led by the interest rate-sensitive property counter, which gained 5.68 percent.

The holding firm and services counter both rose by over 4 percent, while the financial and industrial counters gained over 3 percent. The mining/oil counter added 0.36 percent.

Value turnover for the day amounted to P7.29 billion. Domestic investors supported the PSEi’s rise, as there was P814.28 million worth of net foreign selling for the day.

There were 142 advancers that overwhelmed 63 decliners, while 27 stocks were unchanged.

Property giant SM Prime and conglomerate GT Capital led the PSEi higher, both gaining over 8 percent, while international port operator rose by 7.05 percent.

Ayala Corp., AEV and Globe Telecom all added over 6 percent, while BPI advanced by nearly 6 percent. URC added 5.67 percent.

Ayala Land, the day’s most actively traded company, rose by 4.47 percent. SM Investments also added 4.88 percent.

Puregold, JG Summit, Metro Pacific and Meralco all firmed up by over 3 percent.

Jollibee and PLDT both went up by over 2 percent, while BSO added 1.94 percent. —DORIS DUMLAO-ABADILLA

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