PSEi rises 1% on less restrictive MECQ

The Philippine Stock Exchange Index (PSEi) rose by 1 percent on Wednesday, closing at 5,833.58, with all subsectors ending positively.

Mining and oil, along with financials, led the gains with increases of 3.32 percent and 2.6 percent respectively.

Investor sentiment was bolstered by the less restrictive MECQ measures in Metro Manila, which allowed most businesses to remain operational while limiting non-essential travel.

Chris Mangun from AAA Equities noted that essential goods and services continued to function under the new quarantine rules.

Despite the positive gains, trading volumes increased towards the end of the session as investors remained cautious ahead of the release of second quarter GDP data.