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PSEi climbs on vaccine news, bargain hunting

STOCKS ended in green territory on Tuesday following positive developments on a coronavirus disease 2019 (COVID-19) vaccine candidate and bargain hunting.

The bellwether Philippine Stock Exchange index (PSEi) rose 218.1 points or 3.21% to close at 7,009.56 on Tuesday, while the broader all-shares index improved 99.39 points or 2.42% to end at 4,199.67. The market was closed on Monday in observance of Bonifacio Day.

Philstocks Financial, Inc. Research Associate Claire T. Alviar said the local market improved on the progress made in the development of a COVID-19 vaccine.

“The market had four straight days of decline. It was boosted by the positive results from Moderna’s COVID-19 vaccine, showing that it is more than 94% effective, and its plans to ask the United States Food and Drug Administration (FDA) for emergency clearance,” Ms. Alviar said in a mobile phone message.

Moderna Inc. said on Monday it has applied for US emergency authorization for its COVID-19 vaccine after full results from a late-stage study showed it was 94.1% effective with no serious safety concerns, Reuters reported.

The US Food and Drug Administration said an advisory committee would meet to discuss the request on Dec. 17, making Moderna’s candidate the second highly effective vaccine likely to receive US regulatory backing and a potential roll out this year.

Meanwhile, Ms. Alviar said the local market was also affected by Chinese manufacturing data released on Tuesday.

“This lifted (market) sentiment as well as China is one of our top trading partners,” Ms. Alviar said.

China’s Caixin/Markit Manufacturing Purchasing Managers’ Index rose to 54.9 from October’s 53.6, marking the highest level since November 2010.

“The market managed to close above the 7,000 mark [on Tuesday], as bargain hunters rushed to buy heavily battered shares from last week’s profit-taking activity,” Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said in a text message.

Almost all sectoral indices finished in positive territory on Tuesday except for financials, which dropped 11.12 points or 0.77% to 1,416.17. Meanwhile, property increased 155.24 points or 4.55% to 3,566.26; holding firms went up 277.01 points or 3.99% to 7,208.08; services climbed 48.02 points or 3.2% to 1,548.23; industrials rose 174.99 points or 1.95% to 9,125.74; and mining and oil gained 118.44 points or 1.39% to 8,593.84.

Advancers outpaced decliners, 119 to 102, while 35 names ended unchanged. Value turnover amounted to P10.89 billion with some 4.04 billion issues switching hands, against the P27.65-billion worth of 4.52 billion issues on Friday. Net foreign selling declined to P1.33 billion yesterday from the P3.17 billion logged in the previous trading day.

“As we go through the first week of December, we’ll have to watch how our local market moves, with 7,200 being the nearest resistance, while 6,800 may be considered the nearest support area,” Mr. Pangan said. Revin Mikhael D. Ochave

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