Connect with us

Hi, what are you looking for?

Economy

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

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

By Jenina P. Ibañez, Senior Reporter PHILIPPINE MANUFACTURING activity rose to an eight-month high in November, as new orders increased for the first time...

Economy

THE NATIONAL Government’s outstanding debt swelled to P11.97 trillion as of the end of October as it offered more domestic securities, preliminary data from...

Economy

MOTORISTS experience heavy traffic along Commonwealth in Quezon City on Wednesday. — PHILIPPINE STAR/ MICHAEL VARCAS BANGKO SENTRAL ng Pilipinas (BSP) Governor Benjamin E....

Economy

THE SENATE on Wednesday approved on third and final reading the proposed P5.024-trillion national budget for 2022. Senators unanimously passed the 2022 General Appropriations...

Economy

EVERYTHING’s coming full circle from the boy from Cebu who wanted to write but ended up cooking. Myke “Tatung” Sarthou, celebrity chef, started out...

Economy

1 of 6 THE VIRTUS awards by the Hotel Sales and Marketing Association (HSMA) Philippines continues to honor professionals and institutions in hospitality: a...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Economy

Ivermectin, an existing drug against parasites including head lice, has had a checkered history when it comes to treating COVID-19. The bulk of studies...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Investing

Insomnia is the most common sleep disorder in the global population. Therefore, it is a problem that many people suffer or have suffered throughout...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.