Those who look at stock market performance as an indicator of future economic health must have been jumping for joy last week. Almost as soon as our alert level was brought down, the market responded with some exuberance. This is how the daily update of Maybank Investment Banking Group Research reported market activity as of market close last Feb. 2. “The PSEi (+1.32 percent, 7,458.99 pts) climbed to its highest level since the COVID-19 pandemic started in the Philippines in March 2020 amid optimism on further economic reopening. Metro Manila and other key cities nearby were put under the loos…