Improved mobility due to the easing of quarantines will further boost consumer spending, stockbroker SB Equities said.
The Inter-Agency Task Force (IATF) for the management of emerging infectious diseases has expanded the age-based group of persons allowed to go out of their homes to 15 to 65 years of age, lifted restrictions of non- essential outbound travel of Filipinos and allowed more business establishments open and malls to hold sale events.
The IATF likewise permitted inter-zonal movement of people between areas under general community quarantine and under modified GCQ.
SB Equities said the mobility of consumers and workers will further improve towards the remainder of the month.
“Based on the latest Google Mobility Charts in Metro Manila (as of October 16), there has already been some improvement in community mobility since the lockdown started in March, particularly for grocery, pharmacy, retail and recreation. With this, we expect consumer spending to be driven by improved community mobility,” it said.
SB Equities also said this could drive the Philippine Stock Exchange index (PSEi) to rally with technical analysis suggesting a PSEi resistance at 6,551 and support at 5,898.