Index rallies as market cheers easing of quarantine measures

MANILA, Philippines — The stock market opened the week with a bang, rallying by more than 120 points as investors cheered the easing of the government-imposed quarantine measures.

The benchmark Philippine Stock Exchange Composite index (PSEi), the stock market gauge, finished above the 6,000 mark, closing at 6,019.26, up 120.79 points or 2.04 percent.

Likewise, the broader All Shares index gained 59.12 points or 1.65 percent to finish at 3,641.03.

All the other gauges booked strong gains with the mining and oil rallying by 4.30 percent as investors continue to place their bets on oil and mining-related stocks after the Duterte administration announced that it was lifting the moratorium on oil exploration in the country.

Total value turnover reached P5.443 billion. Market breadth was positive, 125 to 76 while 46 issues were left unchanged.

“The PSEi started the week with a substantial rally as investors get a boost of confidence from the easing of restrictive quarantine measures. Concerns of a plateau in the pace of the economy’s recovery have been diminished by the recent developments,” said Chris Mangun of AAA Equities.

As a result, blue chip mall operators Ayala Land Inc. and SM Prime Holdings also got a boost after they were given the go signal to hold sales and other marketing activities, which will increase foot traffic.

Yesterday’s gains make the PSEi one of the best performers in Asia, Mangun said.

The Inter-Agency Task Force on the Management of Emerging Infectious Diseases (IATF-EID) agreed to ease the movement of persons traveling between areas under general community quarantine (GCQ) and modified general community quarantine (MGCQ).

The IATF also approved the recommendation to gradually allow individuals from 15-years old to 65-years old to move about.