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Stocks up on hopes of quarantine easing

The local stock market improved yesterday on expectations that quarantine measures will be eased again by next week.

The Philippine Stock Exchange index (PSEi) gained 23.02 points, or 0.39 percent, to close at 5,953.54 with only the Financials and Industrials counters in the red.

Volume inched up to 5.31 billion shares worth P5.07 billion as gainers beat losers 115 to 84 with 38 unchanged.

“The PSEi inched higher today as investors drew optimism from President Duterte’s speech yesterday wherein he announced that the current MECQ on Metro Manila will not be extended to allow the economy to recover,” said AAA Equities Head of Research Chris Mangun.

Regina Capital Development Corporation Managing Director Luis Limlingan said “most of the re-opening themes led the rally after Macau is planning to re-open its border to more Chinese cities. The growth outlook for the world’s leading economies showed signs of continued strengthening in July, although indicators remain below pre-crisis levels.”

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