PHL shares rebound as investors digest NCR’s return to MECQ

Philippine share prices rebounded on Tuesday as investors digested Metro Manila’s return to modified enhanced community quarantine (MECQ).

The main PSEi gained 59.58 points or 1.04% to 5,775.50 at the closing bell. The broader All Shares increased by 28.51 points or 0.84% to 3,426.97.

“The market recovered today as investors were optimistic that businesses are more prepared to operate efficiently despite stricter quarantine restrictions,” AAA Equities head of research Chris Mangun said.

The government placed the National Capital Region and the provinces of Bulacan, Laguna, Cavite, and Riza under modified enhanced community quarantine (MECQ) starting August 4 to 18 after medical frontliners asked for a stricter quarantine status for two weeks

“Selling pressure was lighter today and yesterday's move was seen as a knee jerk response to the reimposition of the lockdown,” Mangun said.

“The recent move by the government to take the advice of health workers and tighten quarantine was also seen as renewed cooperation between the government and the people,” he said.

More than 1.591 billion shares valued at P5.739 billion, changed hands. Advancers led decliners, 136 to 52, and 46 issues were unchanged. -NB, GMA News