PSEi up on gov’t move to postpone new quarantine strategy

The benchmark Philippine Stock Exchange Index (PSEI) moved higher on Wednesday as investors welcomed the deferral of looser lockdown restrictions while COVID-19 infection rates were significantly elevated.

The PSEi ended the session higher by 0.53 percent, or 36.68 points, to 6,949.39 while the broader all-shares index went up 0.25 percent, or 10.53 points, to 4,286.29.

The previous day, the Inter-Agency Task Force for the Management of Emerging Infectious Diseases (IATF) recalled a plan to lower Metro Manila’s quarantine classification to general community quarantine (GCQ) from the current modified enhanced community quarantine status (MECQ).

IATF and presidential spokesperson Harry Roque said the MECQ classification will be maintained until Sept. 15. He said this could be lifted sooner should the government launch a “pilot GCQ with Alert Level System,” or the so-called granular lockdowns.

Most subsectors also closed positive on Wednesday, save for mining and oil, which dropped 0.31 percent.

Gains were led by services, up 1.2 percent, followed by holding firms and property, up 0.62 percent and 0.51 percent, respectively.

Data from the PSE showed some 742.7 million shares valued at P5.87 billion changing hands, of which foreigners were net sellers to the tune of P49.55 million.

Gainers outnumbered losers, 90 to 84, while 61 companies closed unchanged.

Ayala Land Inc., was the most actively traded on Wednesday as it gained 1.05 percent to P33.80 per share.

It was followed by Monde Nissin Corp., down 2.71 percent to P17.29 and PLDT Inc., down 0.07 percent to P1,471.