PSEi rallies on ‘unlikely’ extension of NCR MECQ

Share prices on the Philippine Stock exchange closed in the green on Tuesday amid optimism that the stricter lockdown in Metro Manila and its nearby provinces will not be extended beyond August 18.

The bellwether PSEi gained 23.02 points or 0.39% to 5,953.94 at the closing bell. The broader All Shares increased by 23.92 points or 0.68% to 3,537.29.

“The PSEi inched higher today as investors drew optimism from President Duterte's speech yesterday wherein he announced that the current MECQ (modified enhanced community quarantine) on Metro Manila will not be extended to allow the economy to recover,” AAA Equities head of research Chris Mangun said.

The Palace, likewise, said that an extension of MECQ in Metro Manila and its adjacent provinces would be “highly unlikely.” 

President Rodrigo Duterte placed Metro Manila, Laguna, Cavite, Rizal, and Bulacan under MECQ from August 4 to 18 following pleas from the medical community for a “timeout” amid rising COVID-19 cases being admitted to hospitals and recalibration of strategies to combat the virus.

“The general sentiment remains cautious as investors await monetary or fiscal policy adjustment from the central bank in next week’s meeting,” Mangun said.

More than 5.313 billion shares valued at P5.073 billion, changed hands. Advancers led decliners, 115 to 84, and 38 issues were unchanged. —LDF, GMA News