The benchmark Philippine Stock Exchange index inched up 35.57 points or 0.49% to close at 7,288.21 on Tuesday, while the broader all shares index advanced 16.97 points or 0.44% to 3,864.48.
“With the National Capital Region’s risk classification being downgraded and COVID-19 reproduction number down to 0.91 as confirmed by OCTA Research group, the investor sentiment improved, inspiring them to go on bargain hunting with the market closing in positive territory,” Diversified Securities, Inc. Equity Trader Aniceto K. Pangan said in a text message.
In a televised meeting between President Rodrigo R. Duterte and his Cabinet members on Monday night, Health chief Francisco T. Duque III said the infection growth rate across the country between Jan. 11 to Jan. 24 declined to 176% from 3,361%.Mr. Duque said the capital region is ready for a more relaxed Alert Level 2 by next month amid decreasing COVID-19 cases and high vaccination rates.
The Fed, which had announced plans to begin paring back unprecedented stimulus, is set to update its policy trajectory at the close of its two-day meeting. Concerns that the central bank could tighten too quickly added to investor nerves, Reuters reported.
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