PSEi surges above 5800 as Metro Manila eases lockdown

The Philippine Stock Exchange Index (PSEi) breached the 5,800 level on Friday, rising by 4.82% to close at 5,838.84 due to optimism over the easing of Metro Manila's lockdown starting June 1.

On Thursday, the PSEi gained 0.84%, closing at 5,570.22 as investors anticipated a relaxation in quarantine measures.

Philstocks Financial Inc.'s Claire Alviar attributed the surge to the government's decision to place Metro Manila under general community quarantine starting June 1 and the return of net foreign buying, which was the highest in three months.

President Rodrigo Duterte announced on Thursday night that Metro Manila would transition to a less restrictive general community quarantine from June 1, allowing more people to leave their homes after two months of strict lockdown.