Stocks edge higher on economic stimulus plans

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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