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Manila Bulletin devider Business devider Stocks rise as alert level eased

Stocks rise as alert level eased

Published Feb 28, 2022 03:16 pm

The local stock market rose after the government decided to reduce quarantine measures to Alert Level 1.

The main index added 98.78 points or 1.37 percent to close at 7,311.01 as the Property sector surged to lead the advance although the Services counter lagged behind. Volume increased to 2.11 billion shares worth P11.61 billion as gainers beat losers 108 to 79 with 49 unchanged.

PSE

“Philippine shares were bought up as funds realigned with the latest results of the MSCI rebalancing, while others continued to assess the financial risks stemming from Russia’s invasion of Ukraine,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Back home, the IATF decided to place NCR under Alert Level 1 starting tomorrow until March 15.”

Philstocks Financial Senior Supervisor for Research Japhet Tantiangco said “The local bourse rose as investors digested the government’s latest decision on the social restrictions of the country beginning March 1, 2022.”

He noted that, “Investors cheered the downgrade of the alert level status in the National Capital Region and other areas of the country since this is expected to lead to more economic activities which in turn would help in sustaining our recovery momentum.“

Related Tags

Philippine Stock Exchange index (PSEi) Regina Capital Development Corporation Luis Limlingan Philstocks Financial Japhet Tantiangco
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