PSEi rebounds as market anticipates easing of ECQ

Philippine share prices rebounded on Monday, driven by optimism on the possible easing of travel restrictions brought about by the coronavirus disease 2019 (COVID-19).

The main PSEi gained 45.99 points or 0.82% to 5,667.93 at the closing bell. The broader All Shares index rose by 22.44 points or 0.66% to 3,426.24.

According to Regina Capital Development Corp. head of sales Luis Limlingan, investors were optimistic that the government would ease the enhanced community quarantine (ECQ).

"Local shares traded higher as investors optimistically awaited the decision of Malacanang regarding the possible lifting or even easing of the lockdown after May 15," he said in a mobile message.

Metro Manila, along with several "high-risk areas," has been on lockdown since March 17, with the ECQ already having been extended twice to last until May 15.

Under the Bayanihan to Heal As Once Act, President Rodrigo Duterte is mandated to make a weekly report to Congress every Monday regarding developments made against COVID-19.

"Many are still split as to whether the administration will change its stance after the ECQ started nearly two months ago," said Limlingan.

More than 480.052 million shares, valued at P4.539 billion, changed hands. Winners led losers, 90 to 80, and 55 issues were unchanged. — RSJ, GMA News