Philippine shares rally as investors cheer eased quarantine measures

Philippine shares rebounded on Thursday as the market welcomed the latest quarantine classifications all over the country.

The bellwether PSEi gained 131.15 points or 2.18% to 6,147.66 at the closing bell. The broader All Shares increased by 63.44 points or 1.79% to 3,607.80.

“Investors found relief as most of the Philippines remained in less stringent quarantine measures,” Philstocks Financial said in a market commentary.

Metro Manila will continue to be under general community quarantine starting July 16, after President Rodrigo Duterte rejected proposals that it again be placed under modified enhanced community quarantine (MECQ). 

Quarantine restrictions has been eased over Cebu City, which is now under MECQ.

Foreign funds bought P1.958 billion shares and sold P2.600 billion for a net selling position of P641.673 million.

More than 4.804 billion shares valued at P4.409 billion, changed hands. Advancers led decliners, 135 to 62, and 37 issues were unchanged. —LDF, GMA News