The local stock market chalked up more gains yesterday despite the higher-than-expected July inflation rate as the latest quarantine measure turns out to be less restrictive than what was feared.
The Philippine Stock Exchange index (PSEi) rose 58.08 points or 1.01 percent to end at 5,833.58 with all sectors in the green.
A total of 2.04 billion shares worth P5.38 billion changed hands as winners outpaced losers 128 to 75 with 27 unchanged.
“Local shares closed higher as investors bought ahead of the second quarter GDP release while others weighed prospects for another government stimulus package to boost the US economy,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
AAA Equities Head of Research Chris Mangun said “The PSEi climbed higher again today accompanied by a pick up in trading volumes as investors realize that the current MECQ is less restrictive to business than what was expected. Most businesses remain operational amid the lockdown. Public transport has been limited to inhibit non-essential travel, but essential goods and businesses remain functional.” He warned though that, “We saw selling pressure pick up towards the close as investors remain cautious ahead of the Q2 GDP report.”