Stocks get lift from shift to GCQ

The stock market rallied yesterday, fueled by the rebalancing of the MSCI and as investors welcomed news that the economy would finally reopen as Metro Manila shifts into general community quarantine on June 1.

The benchmark Philippine Stock Exchange index (PSEi) gained 268.62 points or 4.82 percent to finish at 5,838.84.

Likewise, the broader All Shares gauge rose 109.04 points or 3.25 percent to end at 3,457.70.

Total value turnover reached P20.39 billion. Market breadth was positive, with 95 advancers to 81 decliners, while 40 issues were unchanged.

“Philippine shares closed in the green as the last-minute window dressing and MSCI rebalancing were cause for the surge of the index above 5,800. In addition, investors remained optimistic on the outlook of the local economy as the country transitions to general community quarantine,” said Luis Limlingan of Regina Capital.

President Duterte announced Thursday night the shift to general community quarantine on June 1, ending more than two months of strict lockdown.

Despite the shift to general quarantine, the Philippine Stock Exchange would continue to implement the shortened trading hours or until 1 p.m. but would now reopen the trading floor.

“With this implementation of general community quarantine for Metro Manila, PSE will now reopen the trading floor for business and allow trading participants to conduct trading in their respective trading booths, subject to observance of the minimum public health standards and safety protocols prescribed by the Inter-Agency Task Force on Emerging Infectious Diseases.