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Index nears 7,000 as gov’t OKs new lockdown rules

Iris Gonzales – The Philippine Star

September 11, 2021 | 12:00am

The benchmark Philippine Stock Exchange index or PSEi gained 46.49 points or 0.67 percent to end at 6,970.51 while the broader All Shares index added 22 points or 0.51 percent to 4,302.79.

STAR / File

MANILA, Philippines — Share prices rebounded yesterday, with the main index closing in on the 7,000 level, as investors expected lighter quarantine restrictions by mid-September in NCR and adjacent provinces.

The benchmark Philippine Stock Exchange index or PSEi gained 46.49 points or 0.67 percent to end at 6,970.51 while the broader All Shares index added 22 points or 0.51 percent to 4,302.79.

Total value turnover was thin at P4.877 billion, while market breadth was positive with 100 advancers to 90 decliners and 54 issues unchanged.

“PSEi pares decline as Philippine government approves new rules for smaller lockdowns,” DA Market Securities said in a note.

The IATF released yesterday general directions of the policy shift to smaller lockdowns.

The IATF said that in specific areas with case clusters, there will be stricter rules that will govern stronger granular lockdowns while in other areas with targeted restrictions, the alert levels will be consistent with alert levels for activities that are closed, crowded or promotes close contact.

The IATF has also authorized local governments to act and implement actions consistent with their own risk assessments.

Luis Limlingan of Regina Capital said the local market bucked the trend on Wall Street, which continued to slide after a bigger than expected drop in new unemployment applications failed to soothe economic jitters that have lingered since last week’s dismal jobs report.

Around Asia, stocks likewise rallied yesterday after two days of losses, but were still in a nervous mood as global investors grapple with how best to interpret central banks’ cautious moves to end stimulus, which also left currency markets quiet.                

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