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PSE index closes lower on extended quarantine
The Philippine Stock Exchange Index (PSEi) closed lower on Tuesday due to investor concerns over the modified enhanced community quarantine (ECQ) in Metro Manila, Laguna, and Cebu City.
The PSEi declined by 16.26 points or 0.29% to settle at 5,651.67, while the broader All Shares index also fell by 11.00 points or 0.32% to 3,415.24.
The sell-off was attributed to the modification of restriction rules in these high-risk areas for COVID-19 spread, which will be in place until May 31.
While Metro Manila, Laguna, and Cebu City are under modified ECQ, other parts of the country will experience eased lockdown measures.
A modified ECQ allows for some movement and economic activity, unlike the stricter ECQ which limits movement, economic activity, transportation, and physical classes.
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The Philippine Stock Exchange Index (PSEi) saw a rebound on Monday, May 11, 2020, with a gain of 0.82% to close at 5,667.93 points.
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The National Capital Region (NCR), Laguna, and Cebu City will be under a modified enhanced community quarantine (MECQ) from May 16 to May 31 as they are still considered high-risk areas for COVID-19.
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As of May 18, 2020, the Philippines has recorded 12,718 total coronavirus cases with 831 deaths.
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