Stocks rally on hopes of economic recovery

MANILA, Philippines — The benchmark Philippine Stock Exchange index (PSEi) rallied yesterday as market investors continue to pin their hopes on the strong recovery of the economy now that the Luzon-wide enhanced community quarantine has shifted to a general community quarantine.

The PSEi rallied by 220.48 points, or 3.65 percent, to finish strong at 6,245.65, while the broader All Shares gauge soared by 106.59 points, or three percent, to end at 3,658.31.

All the other gauges rallied as well led by the property and the financials sectors.

Total value turnover was heavy at P8.25 billion. Market breadth was positive with 143 gainers and 59 losers, while 44 issues were left unchanged.

Yesterday marked the sixth consecutive positive close for the PSEi.

Traders attributed the rally to increased inflow of foreign funds as most institutions are now hoping for the country‘s strong recovery. 

“The local market extended its gains, riding on economic recovery hopes amid the easing of restrictions inside and outside the Philippines, the optimism on the reopening of economies also sent neighboring peers higher,” said Philstocks Financials which noted that Nikkei and the Shanghai Composite Index have trended upwards.