THE LOCAL MARKET ended in the green as investors digested hints from the government of an end to the enhanced community quarantine (ECQ) and a shift to a general community quarantine (GCQ) after.

The 30-member Philippine Stock Exchange index (PSEi) went up by 2.28% or 124.53 points to 5,574.98 while the broader all shares index rose by 1.55% or 52.03 points to 3,394.75.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said in a text message that bargain hunting in the market was supported by the possibility that areas affected by the coronavirus disease 2019 (COVID-19) now under enhanced community quarantine will be placed under general community quarantine instead after May 15.

“Given this, most companies could start operating again — consumer demand and companies’ income are expected to recover, along with the economy. The adverse impact of the coronavirus disease 2019 pandemic is still there, but the GCQ gives hopes to the investors, and spur optimism in the market,” Ms. Alviar said.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a text message that the market rose by 100 points or around 2% after the positive sentiment from investors.

“Technically, the market bounced off of the 5,400 level as it currently trades near its 20-day moving average line,” Mr. Pangan said.

Philstocks Financial’s Ms. Alviar added that the local bourse took cues from the performance of US markets, with the Dow Jones Industrial Average increasing more than 350 points overnight as most investors expect a restart in the US economy.

Wall Street gained more than 1% on Monday at the onset of a hectic earnings week, as investors turned a hopeful eye toward several US states that are relaxing shutdown restrictions put in place to curb the spread of the COVID-19 pandemic.

Back home, all sectoral indices registered an increase except for the mining and oil index which fell by 4.12% or 199.92 points to 4,635.64.

Holding firms went up by 2.86% or 152.13 points to 5,464.71; property picked up by 2.66% or 72.79 points to 2,805.23; industrials improved by 2.28% or 165.52 points to 7,415.19; services climbed 1.48% or 19.54 points to 1,337.77; and financials increased by 0.58% or 6.74 points to 1,169.35.

“Despite the move upward, foreigners remained net sellers for the 30th straight day as global market participants still remained cautious of the COVID-19 pandemic. We may have to see if the 5,500 level holds throughout the week,” Timson Securities’ Mr. Pangan said.

Value turnover rose to P4.61 billion yesterday from P4.07 billion the day earlier.

Advancers bested decliners, 109 to 78, while 35 names remained unchanged.

Net foreign selling ended at P471.71 million, down from the P823.64 million seen the day prior. — R.M.D. Ochave

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