The local stock market stabilized on Tuesday after a two-day sell down caused by the resurgence in COVID-19 cases that, in turn, led to the imposition of new domestic mobility restrictions.
The Philippine Stock Exchange index (PSEi) added 51.18 points, or 0.8 percent, to close at 6,446.35.
“The PSEi bounced back and ended slightly higher as panic-selling subsided. Gains were led by blue chip property and banking issues. It was mainly a technical bounce after days of massive decline,” said Christopher Mangun, head of research at AAA Equities.
“Fears of surging COVID-19 cases which may lead to an out-of-control situation persist; however, clarity on economic and business restricti…
Keep on reading: PSEi gains 0.8% as market calms down