PSEi rallies in anticipation of decisions on quarantine measures

Philippine share prices rallied on Thursday as market players await President Rodrigo Duterte’s decision on whether Metro Manila and other high-risk areas will transition to a more relaxed quarantine measure.

The bellwether PSEi gained 46.44 points or 0.84% to 5,570.22 at the closing bell. The broader All Shares increased by 19.54 points or 0.59% to 3,348.66.

“Anticipation of Malacañang’s decision on quarantine measures and cues from Wall Street sent the local bourse higher,” Philstocks Financial said in a market close report.

Presidential spokesperson Harry Roque raised the possibility that the National Capital Region will shift from modified enhanced community quarantine to general community quarantine by June 1. 

Dr. Tony Leachon, Special Adviser to the National Task Force COVID-19, said the Inter-Agency Task Force on Emerging Infectious Diseases (IATF) has recommended that Metro Manila and Davao City be placed under general community quarantine from June 1 to 15.

Both areas are under modified enhanced community quarantine (MECQ) at present.

Also boosting market sentiment is the rally on Wall Street overnight, lifted by optimism on economic recovery amid further easing of lockdowns in the US.  

More than 2.809 billion shares valued at P4.471 billion, changed hands. Advancers led decliners, 113 to 75, and 39 issues were unchanged. — BM, GMA News