MANILA – The Philippines’ main stocks index recovered Tuesday and the peso finished the day sideways on positive news for the possible coronavirus disease (Covid-19) vaccine being developed by US-based pharmaceutical company, Moderna.
After a three-day slide, the Philippine Stock Exchange index (PSEi) rose 0.59 percent, or 41.09 points, to 6,959.14 points.
All Shares followed with a jump of 0.75 percent, or 30.37 points, to 4,103.74 points.
All the sectoral counters also finished the day with gains, led by the Financials, which rose 1.16 percent.
Property increased by 0.98 percent; Services, 0.65 percent; Holding Firms, 0.41 percent; Industrial, 0.34 percent; and Mining and Oil, 0.14 percent.
Volume totaled to 2.49 billion shares amounting to PHP10.25 billion.
Gainers led losers at 126 to 98 while 41 shares were unchanged.
“The PSEi along with other regional markets jumped after preliminary coronavirus vaccine data from Moderna further lifted expectations of a strong economic recovery,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
This, after Moderna reported a more than 94 percent efficacy rate for its Covid-19 candidate vaccine.
Relatively, this positive news resulted to the rise of oil prices in the international market.
Prices of Brent crude futures for January 2021 increased by USD1.02 to USD43.80 per barrel while price of US West Texas Intermediate for December inched up by USD1.21 to USD41.34 per barrel.
The positive investors’ sentiments also backed the local currency, which finished the day’s trade at PHP48.24 from PHP48.225 Monday.
It opened the day at PHP48.2 and traded between PHP48.26 and PHP48.2. Average level for the day stood at PHP48.24.
Volume totaled to USD705.82 million, higher than day-ago’s USD565 million. (PNA)
