MANILA – The Philippine Stock Exchange index (PSEi) ended Monday with gains partly on possible easing of quarantine measures in the National Capital Region (NCR) Plus, but the peso closed weaker against the US dollar.
The main equities index gained by 0.14 percent, or 9.70 points, to 6,917.49 points.
All Shares trailed with a jump of 0.40 percent, or 16.71 points, to 4,191.36 points.
Half of the sectoral indexes tracked the main index namely the Financials, 1.35 percent; Services, 1.16 percent; and Industrial, 0.74 percent.
The Mining and Oil index fell by 0.61 percent, Property, 0.59 percent, and Holding Firms, 0.34 percent.
Volume reached 3.93 billion shares amounting to PHP6.3 billion.
Advancers led gainers at 117 to 91, while 54 shares were unchanged.
In a report, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the main equities index closed at its three-month highs since March 4 on possible easing of the quarantine level in NCR Plus starting June 16.
NCR Plus, which covers the NCR, Bulacan, Rizal, Laguna, and Cavite, is under the general community quarantine (GCQ) with restrictions from June 1 to June 15.
President Rodrigo Duterte is expected to ease the quarantine level to regular GCQ when he announces quarantine levels in several areas nationwide Monday night, Ricafort said.
If the quarantine level easing materializes, this will result in “greater capacity, sales, income, employment for some industries,” he said.
Ricafort said another factor during the day’s trading in the local bourse included further progress on reform measures at Congress.
He expects the PSEi to try the 6,920 level on Tuesday but said support level is between 6,600-6,700.
Meanwhile, the local currency ended the week’s first trading day at 47.89, a depreciation from its 47.7 close last Friday.
It opened the day at 47.75, little changed against its 47.73 start in the previous session.
It traded between 47.905 and 47.74, resulting in an average of 47.829.
Volume rose to USD1.001 billion from USD684.79 million in the previous session.
Ricafort said the local unit closed to its two-week highs but remains around its 4.5-year low due partly to “foreign investment inflows for fund-raising activities.
He expects the peso’s next support level at 47.60. (PNA)
