PSEi continues rally for 2nd day

Share prices on the Philippine Stock Exchange continued its rally for the second straight session on Wednesday as investors shrugged off the impact of Metro Manila’s return to modified enhanced community quarantine (MECQ).

The bellwether PSEi gained 58.08 points or 1.006% to 5,883.58 at the closing bell. The broader All Shares increased by 29.32 points or 0.86% to 3,456.29.

“The PSEi climbed higher again today accompanied by a pick up in trading volumes as investors realize that the current MECQ is less restrictive to business than what was expected,” AAA Equities head of research Chris Mangun said.

“Most businesses remain operational amid the lockdown. Public transport has been limited to inhibit non-essential travel, but essential goods and businesses remain functional,” Mangun said.

Selling pressure, however, picked up towards the close of the session as investors remain cautious ahead of the second quarter gross domestic product report.

More than 2.043 billion shares valued at P5.383 billion, changed hands. Advancers led decliners, 128 to 75, and 27 issues were unchanged. -MDM, GMA News