(Last Updated On: October 14, 2021)
The PSE market have a good head start during early trading and managed to break out from its short term consolidation closing at 1.62% with intraday high passing 1.7%. A slew of good news yesterday provided the needed catalyst to move high for today. The government finally lifted Alert level 4 in Metro Manila from October 16-31, 2021, going to much less stringent Alert level 3 as the IATF accepted the proposal. In addition the daily covid cases seem to drop more significantly to 7,000 level its first time in months after going as high as 20,000 daily cases.
The index closed at 7,183.11 with a net foreign buying of 191.1Million.
For the Blue chips index, the gaming sector led the group, BLOOM gaining as much as 7.08%. Losers led by ACEN (-3.74%) as profit taking continued.
Index sector showed that Holding (2.28%) and Property (2.00%) companies are the gainers of the day .
Metro Manila transitions to Alert Level 3 by October 16
Alert level for Metro Manila lowered as per press briefing done yesterday by Spokesperson Harry Roque. The Palace placed Metro Manila’s alert level to 3 (from 4) from 16-31 Oct. The downgraded alert level allows restaurants to accept customers at 30% capacity & up to 40% if they have a government-issued Safety Seal. This have resulted to optimism in the market as more businesses would soon be open.
The same applies to facilities that have enclose areas like those in barbershops and salons. Gyms, tourist attractions, libraries, museums, casinos, cockfighting, concerts, parties, receptions, family reunions are allowed at 30% venue capacity & up to 40% for those with Safety Seal. This would be good for the economy.