The benchmark Philippine Stock Exchange Index (PSEi) rose on Thursday as heavy selling subsided and President Duterte lifted a moratorium on new mining deals, signaling the government’s willingness to take bigger steps to prop up the economy.
By the closing bell, the PSEi was up 0.26 percent, or 16.75 points, to 6,539.96 while the broader all-shares index was up 0.33 percent, or 12.96 points, to 3,997.58.
President Duterte issued Executive Order 130, rolling back a ban on new projects imposed in 2012 by then President Benigno Aquino III.
The mining and oil subsector was the top gainer for the day, jumping 5.38 percent. Property, services and financials also rose while industrial…
Keep on reading: PSEi up as stocks take cue from mining news