Stock market jumps; ABS-CBN declines

The Philippine Stock Exchange Index jumped 3.7 percent Wednesday to close at 6,245.65, on recovery hopes amid easing restrictions both here and abroad.

Philstocks Financial Inc. said the optimism on the reopening of economies sent local stocks and neighboring peers higher.

After three straight days of net foreign buying, overseas investors turned net sellers by P329.35 million.

The volume and value turnover posted 1.31 billion and P8.25 billion respectively. Gainers overwhelmed losers, 142 to 57.

Share price of ABS-CBN Corp. declined 1.4 percent to P15.38 as hearings on its franchise renewals continues.