Return to GCQ cheers market; PSEi jumps

The benchmark Philippine Stock Exchange index (PSEi) gained on Tuesday after President Duterte ordered the easing of strict lockdown measures in Metro Manila and nearby provinces starting Aug. 19.

The PSEi gained 1.44 percent, or 87.67 points, to 6,156.45 at the close while the broader all-shares index was up 1.15 percent, or 41.44 points, to 3,635.78.

Investors cheered the easing restrictions, expecting these to provide a much-needed boost after the Philippines entered a recession in the second quarter of the year. The rally came despite the continued rise of COVID-19 cases in the country.All subsectors rose on Tuesday, with holding firms leading the way with a 2.27-percent increase. It was followed by services, up 1.26 percent, and financials, up 1.15 percent.

A total of 9.76 billion shares valued at P5.96 billion changed hands on Tuesday. There were 117 advancers while 71 companies closed in the red. PSE data showed 43 companies closed unchanged.

The Sy family’s SM Investments Corp. was the most actively traded on Tuesday as it gained 3.41 percent to P910 per share.It was followed by International Container Terminal Services Inc., up 2.33 percent to P110; Ayala Land Inc., down 0.76 percent to P32.85; AREIT Inc., down 0.58 percent to P25.80; and Universal Robina Corp., down 0.14 percent to P142.60 per share. INQ