PSEi breaches 6,000 level on economic recovery hopes

The Philippine Stock Exchange index (PSEi) ended past the 6,000 level on Tuesday, a level last seen early March before the imposition of strict quarantine measures against COVID-19 which put many business activities to a halt.

“Hopes of economic recovery amid the restriction downgrades, and easing of local and global manufacturing contraction sent the local market higher,” Philstocks Financial said in a market close report.

Metro Manila and the rest of the country have shifted to more relaxed quarantine measures on June 1, which allowed business activities to resume and resuscitate the economy.

The bellwether PSEi gained 95.00 points or 1.60% to 6,025.17 at the closing bell. This is the highest since March 9 when the main index closed at 6,312.61.

The broader All Shares rose 41.50 points or 1.18% to 3,551.72.

Foreigners also helped the local market’s rally with net buying amounting to P1.134 billion.

More than 1.007 billion shares valued at P7.286 billion, changed hands. Advancers led decliners, 117 to 61, and 43 issues were unchanged. —LDF, GMA News