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PHL shares rally on reported flattening of COVID curve
By TED CORDERO,GMA NewsShare prices on the Philippine Stock Exchange rallied on Tuesday amid news that the rise in COVID-19 cases in the Philippines has slowed down.
The bellwether PSEi gained 98.18 points or 1.65% to 6,034.03 at the closing bell. The broader All Shares increased by 46.57 points or 1.31% to 3,604.58.
“The investors went into bargain hunting today after the govt confirmed the flattening of the curve as metro cities noted a decrease in the number of infections by negative 35% brought about by the MECQ (modified enhanced community quarantine) and COVIID-19 public awareness,” Unicapital Securities equity analyst Christopher San Pedro said.
On Monday night, President Rodrigo Duterte declared that the country has “flattened the curve” in its campaign against the spread of COVID-19
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Health Secretary Francisco Duque III also said that new COVID-19 cases in Metro Manila fell by 35%.
“Lately, there has been a slowdown in the daily rise of cases which in turn has given a boost to market sentiment. If the slowdown continues, it would be helpful both to our public health and our economy,” Philstocks Financial equity analyst Japhet Tantiangco said.
Foreign funds bought P1.4 billion shares and sold P2.04 billion for a net selling position of P647.3 million.
More than 1.185 billion shares valued at P4.574 billion, changed hands. Advancers led decliners, 112 to 84, and 46 issues were unchanged. — BM, GMA News