Local shares prices jumped after the government eased quarantine restrictions by a notch as the number of new COVID cases declined.
The main index gained 114.19 points or 1.62 percent to close at 7,183.11 as Holding Firms and Property stocks led the advance across the board.
Volume improved to 1.0 billion shares worth P10.28 billion as gainers beat losers 111 to 86 with 45 unchanged.
“Investors bought back into the Philippines market as the National Capital Region eased its restriction to alert level 3, thus reopening the economy and stimulating more business activity,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He noted that, “For the first time since lockdown, entertainment venues such as cinemas will now be allowed to take in guests as well. The alert level system however remains in effect only in Metro Manila and will be monitored for the next few days.
Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local market rose as investors cheered the downgrade of the National Capital Region’s alert level from 4 to 3.”
He also said “The easing of restrictions and the allowing of more business capacity in the NCR is expected to give a significant boost to the economy.”
Tantiangco added that, “Foreign transactions for the day resulted in a net inflow of P191.09 million which helped in the rally.”