Share prices rise on possible shift to general quarantine

MANILA, Philippines — The stock market reacted positively yesterday to a proposal to put Metro Manila under general community quarantine.

The benchmark Philippine Stock Exchange index (PSEi), the stock market gauge, climbed by 46.44 points, or 0.84 percent, to finish at 5,570.22.

Likewise, the broader All Shares index gained by 19.54 points or 0.58 percent to end at 3,348.66.

Majority of the sectoral gauges were up except for the mining and oil and the industrial index.

Total value turnover was thin at P4.47 billion. Market breadth was positive with 113 gainers and 75 losers, while 39 issues were left unchanged.

“Anticipation of Malacanang’s decision on quarantine measures and cues from Wall Street sent the local bourse higher by 46.44 points,” Philstocks Financials said.

Market investors are digesting the possibility that Metro Manila may finally shift to a general community quarantine from June 1 to 15 as recommended by the government’s coronavirus disease 2019 or COVID-19 task force.

Interior Secretary Eduardo Ano said on Thursday this was the recommendation of the task force which may have another recommendation after June 15.

Under the general community quarantine, more shops will be open.

In terms of specific issues, market investors dumped Jollibee Foods Corp. after the company reported a first quarter net loss of P1.8 billion from a net income of P1.5 billion a year ago.

JFC shares shed 4.84 percent to P116 per share yesterday.