Manila Bulletin

Stock up after ‘circuit breaker’ lockdown avoided

The local stock market paused from its slide yesterday following gains in the US and the announcement of quarantine measures that were less stringent than feared. The Philippine Stock Exchange index (PSEi) gained 23.50 points or 0.36 percent to close at 6,496.53 with the Mining and Oil counter leading the advance of all sectors. Volume improved but remained low at 925 million shares worth ₱4.82 billion as gainers outnumbered losers 109 to 70 with 54 unchanged. “Philippine shares were bought up after US Fed announced that interest rates would remain near zero,” said Regina Capital Development Corporation Managing Director Luis Limlingan. “Furthermore, investors were calmed after it was announced that GCQ with heightened restrictions would just be extended in Metro Manila until August 15. The approval of the extension of the quarantine classification for the Metro wasn't in line with the IATF and OCTA Research's call for a circuit break amid the surge in Delta variant cases” he noted. Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market climbed on the back of bargain hunting. Investors also showed relief as the National Capital Region was kept under GCQ with heightened restrictions until August 15, rather than being reverted to a more stringent quarantine measure.“(James A.Loyola)

Business

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2021-07-30T07:00:00.0000000Z

2021-07-30T07:00:00.0000000Z

https://manilabulletin.pressreader.com/article/281844351672574

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