Philippine Stock Exchange index firmed up by 30.9 points, or 0.65 percent, to close at 4,774.27 on Tuesday, tracking the rebound across regional markets as investors took heart from anti-COVID-19 pump-priming measures across the globe, especially in the United States.
The Philippines itself is also preparing a fiscal stimulus program to counter the effects of the coronavirus while the Bangko Sentral ng Pilipinas has embarked on its own massive monetary easing in the form of a fresh 50-basis point interest rate cut, 200-basis point reserve requirement reduction and a P300-billion bond buyback program.
Papa Securities said the pandemic remained a “significant overhang” to the markets. Initial PSEi support is seen at the 4,000 mark, which the brokerage house thinks could be retested in the near term, especially if America sanctions a nationwide lockdown.
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