PHILIPPINE stocks rose on Monday on the back of eased mobility restrictions in Metro Manila ahead of the release of January inflation data.

The bellwether Philippine Stock Exchange index (PSEi) advanced by 109.68 points or 1.51% to close at 7,361.65 on Wednesday, while the broader all shares index went up by 48.12 points or 1.24% to end at 3,904.20.

First Metro Investment Corp. Head of Research Cristina S. Ulang said the market rose as the government eased restrictions in the National Capital Region (NCR) amid the continued decline in coronavirus disease 2019 (COVID-19) cases, which could boost economic recovery prospects.

“Investors cheered the easing of restrictions in the selected areas, primarily in Metro Manila, since this is expected to lead to more economic activities, which in turn would help in sustaining our recovery momentum,” Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a Viber message.

The government placed NCR and seven provinces under the less restrictive Alert Level 2 from Feb. 1-5.

Alert Level 2 allows businesses to increase their operating capacity as well as limited face-to-face classes.

The Health department last week said Metro Manila is at moderate risk for COVID-19 following a 67% decline in new cases.

Mr. Tantiangco also noted that the PSEi rose even as value turnover declined to P7.42 billion with 1.28 billion issues traded on Monday from Friday’s P8.01 billion with 1.23 billion shares that switched hands.

“Philippine shares were bought up to end the first month of 2022 as investors became optimistic over developments locally and abroad,” Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a Viber message.

Sectoral indices ended in the green except for services, which lost 2.66 points or 0.13% to close at 1,950.30.

On the other hand, property soared 101.58 points or 3.35% to 3,227.59; industrials jumped 224.55 points or 2.11% to 10,841.53; holding firms climbed 121.77 points or 1.72 to 7,184.84; mining and oil increased 96.10 points or 0.94% to 10,285.12; and financials rose 8.97 points or 0.52% to close at 1,703.86.

Advancing issues beat decliners, 123 against 77, while 40 names closed unchanged.

Net foreign buying dropped to P165.84 million on Monday from the P688.7 million logged in net purchases on Friday.

Mr. Limlingan said trading drivers for the week include release of the latest purchasing managers’ index report and January inflation data on Feb. 4, Friday.

Philippine financial markets are closed on Tuesday due to a special non-working day in celebration of Chinese New Year. — M.C. Lucenio

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