SHARE prices on the Philippine Stock Exchange rallied more than three percent on Tuesday as investors cheered the government’s fiscal and monetary stimulus packages to mitigate the impact of the COVID-19 crisis on the economy.
The benchmark PSEi gained 169.90 points or 3.03 percent to 5,780.88 at the closing bell. The broader All Shares increased by 88.32 points or 2.61 percent to 3,468.95.
“Optimism on the country’s monetary and fiscal stimulus amid the pandemic extended the local market’s gains,” Philstocks Financial said in its daily market report.
The national government has approved a subsidy program for 3.4 million workers of some 1.6 million small businesses affected by the Luzon-wide enhanced community quarantine.
The new package is apart from the P205-billion to be given to the informal sector or low-income families.
The government will also grant small businesses a credit guarantee to provide them easy access to bank financing, according to presidential spokesperson Harry Roque.
More than 979.022 million shares valued at P7.384 billion, changed hands. Advancers led decliners, 158 to 53, and 32 issues were unchanged.(GMA News)
