Hopeful market awaits end of lockdown

The local stock barometer firmed up on Monday as investors took their cue from upbeat US and regional markets ahead of a government announcement on the enhanced community quarantine (ECQ) imposition.The Philippine Stock Exchange index (PSEi) gained 45.99 points, or 0.82 percent, to close at 5,667.93 in thin trade as investors awaited the government’s decision whether or not Metro Manila and other key regions would come out of its ECQ after May 15.AAA Equities head of research Christopher Mangun said Asian markets moved higher on optimism the global economy might be able recover “somewhat quickly” from the COVID-19 pandemic. “Investors looked forward to more countries restarting their economies. The slowdown in new cases globally has also improved the general sentiment. US and European equity futures are pointing to a higher opening as well,” Mangun said.

At the local market, Mangun said the PSEi edged higher on expectations the lockdown could be lifted soon. This “will send the PSEi higher and perhaps allow it to test its resistance before the end of the week,” Mangun said.

Except for the services counter, which dipped by 0.48 percent, all other counters gained.Value turnover for the day amounted to around P4.54 billion. Local investors supported the day’s upswing, with only P871.5 million worth of net foreign selling. —Doris Dumlao-Abadilla INQ