(BusinessWorld) STOCKS posted gains on Wednesday as report from an independent research group showed the coronavirus disease 2019 (COVID-19) reproduction rate in the National Capital Region (NCR) continued to decline.

The Philippine Stock Exchange index (PSEi) went up by 9.53 points or 0.13% on Wednesday to close at 6,890.73, while the broader all shares index rose 21.58 points or 0.50% to 4,286.57.

“Market sustained its recovery today up 9.53 points, though off highs as investors’ confidence improve on news that the Philippines could possibly be in the homestretch of its battle against the spread of the COVID-19 Delta variant, especially in Metro Manila where the reproduction number has started to decline,” Papa Securities Corp. Equities Strategist Manny P. Cruz said in a text message on Wednesday.

“The minimal decline in Chinese markets that reopened today also aided the rally today,” Mr. Cruz said.

Fredegusto Guido P. David, a research fellow at the OCTA Research Group, said in a social media post on Tuesday that the reproduction number in the country’s capital slipped to 1.03 from 1.33 as COVID-19 infections in Metro Manila continue to decline.

The Health department logged 16,361 new COVID-19 infections on Tuesday, bringing total active cases to 171,142 and the country’s tally to 2,401,916.