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PSEi rises to 7,200 level on optimism over vaccine

By Revin Mikhael D. Ochave, Reporter

SHARES bounced back on Monday as investor optimism was sparked by the impending rollout of a coronavirus disease 2019 (COVID-19) vaccine and stronger foreign inflows.

The bellwether Philippine Stock Exchange index (PSEi) inched up 69.11 points or 0.96% to close at 7,203.67 on Monday, while the broader all  shares index rose 35.68 points or 0.83% to end at 4,286.05.

Timson Securities, Inc. Head of Online Trading and Trader Darren Blaine T. Pangan said the market breached the 7,200 level on continued investor optimism regarding the distribution of a COVID-19 vaccine in the United Kingdom.

“The bourse ended higher today on vaccine hopes, as Britain continues to prepare for the eventual rollout of a vaccine in their country,” Mr. Pangan said in a mobile phone message on Monday.

“Investors may be feeling optimistic over these developments about coronavirus vaccines, as they may help quicken the pace of the global economy’s recovery,” he added.

Britain begins its vaccine program this week and others are likely to follow soon, so governments are seeking to reassure people of vaccines’ safety and efficacy in order to get a critical mass to take them, Reuters reported.

For Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco, the local market improved on hopes of a fiscal stimulus in the United States (US).

US president-elect Joe Biden last week promised a group of workers hit by the raging COVID-19 pandemic that more aid would be on the way, Reuters reported.

Republicans and Democrats are trying to resolve a months-long standoff in Congress over a stimulus package for businesses affected by coronavirus shutdowns as well as the millions who have lost jobs.

Mr. Tantiangco added that the market climbed on the back of support from foreign investors.

Net foreign buying amounted to P113.94 million on Monday, a turnaround from previous session’s net selling worth P269.08 million.

All sectoral indices at the PSE ended in positive territory on Monday. Industrials improved 127.67 points or 1.38% to 9,374.30; property climbed 48.13 points or 1.34% to 3,624; mining and oil increased 105.14 points or 1.2% to 8,822.62; services went up 15.37 points or 1% to 1,547.48; holding firms jumped 63.4 points or 0.85% to 7,446.38; and financials rose 4.17 points or 0.28% to 1,484.90.

Value turnover on Monday stood at P9.56 billion with some 45.27 billion issues switching hands, lower than P8.47 billion with 12.61 billion issues in the previous trading day.

Advancers beat decliners, 122 against 114, while 37 names ended unchanged.

“Next resistance may be placed at 7,600 while immediate support is at the 6,700 to 6,900 area,” Timson Securities’ Mr. Pangan said. — with Reuters

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