The local stock market managed to rise despite the government’s backtracking on its decision to ease quarantine restrictions.
The main index climbed 36.68 points or 0.53 percent to close at 6,949.39 as the Services sector led the advance while the Mining and Oil counter was the only one that was in the red.
Volume was higher at 742 million shares worth P5.87 billion with gainers edging out losers 90 to 84 while 61 were unchanged.
“Philippine shares continued the strong run even as uncertainty continues to plague investors regarding the spread of the Delta variant,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “Investors also took as a positive the change of plans to implement granular lockdowns across Metro Manila.” Limlingan also cited the July jobs data which showed that the unemployment rate slowed to 6.9 percent.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “Late day buying sent the local market higher. For the most part of the day, however, the local market was in red territory, going as low as 6,865.03.”
“This came as investors digested the government’s decision to defer the implementation of GCQ with granular lockdowns in the NCR, leaving the region under MECQ,” he explained