Stocks surge on hopes of easing quarantine

The local stock market surged yesterday on news that government is easing quarantine measures to boost the economy. The Philippine Stock Exchange index (PSEi) jumped 120.79 points, or 2.09 percent , to close at 6,019.26 as share prices rose across the board. However, volume remained low with 2.48 billion shares worth ₱5.44 billion changing hands as gainers beat losers 125 to 76 with 46 unchanged. “The PSEi started the week with a substantial rally as investors get a boost of confidence from the easing of restrictive quarantine measures,” said AAA Equities Head of Research Chris Mangun. He added that, “Concerns of a plateau in the pace of the economy's recovery have been diminished by the recent developments.” (James A. Loyola)