Stocks rise on hopes of economic recovery

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The local stock barometer posted a gain Tuesday amid increasing optimism on the country’s economic recovery following the coronavirus disease 2019 (COVID) pandemic.

The benchmark Philippine Stock Exchange index rose 1.6 percent or 95 points to finish at 6,025.17.

“Hopes of economic recovery amid the restriction downgrades, and easing of local and global manufacturing contraction sent the local market higher,” Philstocks said in its report posted on Twitter.

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All sector indices were in the green, with conglomerates leading the rally climbing 2.35 percent.

Total value turnover reached P7.29 billion. Advancers toppled decliners, 117 to 61, while 43 stocks were unchanged.

“The PSEi broke through the 6,000 level after retracing modest losses earlier in the session, as the potential for an economic rebound overshadowed strife in regional economies that has sparked chaos and curfews especially in the US,” Luis Limlingan of Regina Capital Development Corp., for his part, said.

“Investors also monitored Sino-American trade tensions and efforts in the U.S., and much of the world, to overcome the COVID-19 pandemic,” he added.

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