The stock market rallied on Tuesday after President Rodrigo Duterte apologized to the tycoons behind Manila Water Co. Inc. and Maynilad Water Services Inc. and acknowledged their efforts in combating the coronavirus disease 2019 (Covid-19) in the country. “The local market bounced back [on Tuesday], boosted by the de-escalation of tensions between the government and water concessionaires Manila Water and Maynilad,” Philstocks Research Associate Japhet Tantiangco said. As a result of the apology, shares of Ayala Corp. and MPIC soared by 14.73 percent 13.55 percent, respectively on Tuesday. “Investors cheered the renewed cooperation between government and the private sector, which overshadowed concerns of geopolitical tensions abroad,” he added. On Wall Street, the Dow Jones, S&P 500 and Nasdaq gained 0.11 percent, 0.43 percent and 1.23 percent, respectively.

Source: Manila Times May 05, 2020 18:47 UTC