Stocks cheer possible end of COVID surge

Philippine shares rebounded on Tuesday after the independent pandemic monitor OCTA Research group said the recent coronavirus wave appeared to be weakening.

Investors cheered the news amid a relatively low-volume session. The benchmark Philippine Stock Exchange (PSE) index rose 1.66 percent, or 120.13 points, to 7,343.96 while the broader all-shares index added 0.97 percent, or 37.16 points, to 3,882.40.

During the government’s Laging Handa virtual briefing, OCTA fellow Guido David said data as of Sunday indicated that daily growth rate of cases in Metro Manila had slowed down to -1 percent compared to the previous week.

He, however, cautioned that data in the coming days will determine if the surge was nearing its peak.

Department of Health (DOH) undersecretary and spokesperson Maria Rosario Vergeire concurred it was too early to say if cases were slowing. The DOH does not look at the daily difference in data due to variables such as laboratory submissions, she explained.

Stocks on Tuesday rose while traded volume dropped to P4.95 billion from the previous session’s P5.78 billion.

Foreigners were also net sellers to the tune of P172.38 million.

Subsectors were mostly higher, led by holding firms and services, up 1.86 percent and 1.83 percent, respectively.

The mining and oil subindex was the sole loser, dropping 0.67 percent by the closing bell.

Overall data from the PSE showed 100 advancers against 85 decliners while 56 companies closed unchanged. INQ