Stocks up on quarantine easing

Published June 15, 2021, 5:15 PM

by James A. Loyola

Local share prices rose Tuesday, (June 15) further after government eased quarantine restrictions in the national capital region.

The main index moved up by 59.24 points or 0.86 percent to close at 6,976.73 with only the Financials sector dipping on profit-taking.

Volume was also higher at 5.13 billion shares worth P8.03 billion with gainers edging out losers 106 to 101 with 59 unchanged.

“The PSEi climbed closer once more to the 7000 level ahead of the Fed’s meeting this week and while others kept an eye on the number of Covid-19 cases locally and globally,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He noted that, “Investor expectations are for some tapering by the U.S. Fed.“

Philstocks Financial Research and Engagement Officer Claire Alviar said “The local bourse gained on the back of further easing of restrictions in the NCR and Bulacan.”

She added that, “the strong performance of the S&P 500 and NASDAQ could also have influenced today’s trading session.”

The government placed Metro Manila and Bulacan under GCQ with some restrictions, which is looser compared with GCQ with heightened restrictions, which are being implemented in the other nearby cities.