Market Wrap: PSEi climbs to 2-month high, Jollibee gains 9%

The Philippine Stock Exchange index climbed to a 2-month high as investors hoped the government would further relax coronavirus restrictions and further open up the economy.Twenty of the 30-member PSEi gained value, 8 slightly lost, while 2 stayed flat.

"Conviction was seen in Tuesday's trading with net value turnover reaching P8 billion, above the year-to-date average of P5.9 billion," said Japhet Tantiangco of Philstocks. Net foreign selling, however, continued on Tuesday, posting P718 million. Outflows have been running for 28 straight days, averaging P727.4 million.Jollibee was the most actively traded stock on Tuesday, with 3.9 million stocks valued at P660 million changing hands.

The fast-food giant gained 9%, on the same day it announced that it increased its stake in Michelin-starred dim sum restaurantOptimism, however, seems to come mainly from management itself, as its affiliate, Hyper Dynamic Corporation, has been buying Jollibee shares since September.Bank of the Philippine Islands , BDO Unibank , GT Capital , and Ayala Land were also among the most actively traded.Roberto Ongpin's Atok-Big Wedge was the biggest loser, falling sharply by 21.7%.

PXP Energy and Atok-Big Wedge's sharp declines come after their huge leaps amid news that the government lifted the moratorium on oil exploration in the

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