Aerial survey of nickel mining firm in Claver, Surigao del Norte. CONTRIBUTED PHOTO The lifting of the two-year ban on mining exploration permits by the Duterte administration saw the stock market gaining 2.17 percent on Wednesday to 7,838.22 points or 166.22 points higher from the previous day’s close.

The Philippine Stock Exchange Index (PSEi) reversed Tuesday’s 1.3 percent, closing at 7,672 points, ending the index’s five-day positive run. The last time the 30-company main composite index was on the 7,800 mark was two and a half months ago when it closed at 7,869.56 on 16 May.

The mining sector led yesterday’s rally soaring 4.99 percent to end at 10,199.40 points as all six sectoral indices recorded positive numbers. Holding firms are also on the high as they fared 3.14 percent higher.

Analysts said the market reacted to the announcement by Environment and Natural Resources Secretary Roy Cimatu ending the two-year moratorium on approving mining permits, opening fresh potentials for some opportunities in the world’ second largest nickel ore exporter.

In removing the exploration restriction, the secretary cited President Rodrigo Duterte’s agenda to promote “increasing competitiveness and the ease of doing business to attract local and foreign direct investment.”

In June, the environment chief also lifted the ban on giving government license for small-scale mining projects after amending the earlier order by his predecessor, environmentalist Regina Lopez. However, the ban on new mining operations is still in effect.

Ron Acoba, the chief investment strategist for Trading Edge Consultancy, said in an interview the domestic market is offering a small window of opportunities for investors to take advantage of the growing economy.

“However, the market is still waiting how the Bangko Sentral [ng Pilipinas] (BSP) will react or what direction it would take to tame the inflation which was projected at between 5.6 and 5.8 percent in July. We are hoping the Monetary Board will raise policy interest rates by at least 50 basis points,” he said.

He added any movement in the stock market in the coming days would be event-driven as investors await results of earnings report, inflation rates, GDP (gross domestic product) announcement and any interest rates movement from the BSP.

PXP Energy Corporation was yesterday’s biggest gainer, advancing 39.02 percent to lead all 120 winners at P14.18 per share. Bogo-Medellin Milling Corporation and mining firms Apex Mining and Atok-Big Wedge also traded with at least 10 percent increase in their stock prices.

Citystate Savings Bank Inc. led all 74 losers, trading 9.73 percent lower at P6.68 per stock. At least 46 issues remain unchanged for the day.

Almost 100,000 trades were completed on Wednesday with the total volume amounting to P7.17 billion.

Of all the 240 issues, Ayala Land Inc. was the most traded with P571 million in total volume. SM Prime Holdings and Ayala Corporation completed the top three with both having over P500 million each in size.

PSEi’s broader All Shares index, meanwhile, was also on the green at 4,679.52, 1.64 percent higher than Tuesday. Komfie Manalo and Andrew Malihan