Index returns to 7,000 level

MANILA, Philippines — Last-minute buying propped up the stock market yesterday, enabling the index to bounce back to the 7,000 level on news government is considering to ease quarantine restrictions nationwide.

The benchmark Philippine Stock Exchange index (PSEi) closed at 7,044.06, up 84.65 points or 1.21 percent, while the broader All Shares index ended at 4,248.84, up 41.18 points or 0.97 percent.

All subsectors finished in positive territory as well, with property and holding firms leading the gainers.

Total value turnover reached P18.162 billion. Market breadth was positive, 122 to 89, while 54 issues were unchanged.

Traders said the PSEi bounced back after National Economic and Development Authority chief Karl Chua recommended putting the entire Philippines in modified general community quarantine.

“Socioeconomic Planning Secretary Karl Chua suggested to put the country under MGCQ to revive the economy. President Duterte is still studying the recommendation,” said AB Capital Securities in a market commentary.

Chris Mangun of AAA Southeast Equities said the general sentiment is still cautious as investors await policy changes on mobility and business restrictions, as well as any surprises from fourth quarter earnings.

“The PSEi bounced back and ended higher on last-minute buying. Selling pressure has diminished as investors gained optimism from the global rally in equities. Stock markets abroad continue to move higher and this is encouraging local investors to hold on to their positions.”

Moving forward, he said the market may see blue chips to start moving in a tighter range. Second and third liners remain volatile, he noted.