Connect with us

Hi, what are you looking for?

Economy

PHL stocks post gains on global vaccine rollout

LOCAL STOCKS ended the first trading day of 2021 on a high note as investor sentiment got a lift from the ongoing rollout of coronavirus disease 2019 (COVID-19) vaccines around the world.

The 30-member Philippine Stock Exchange index (PSEi) improved 57.79 points or 0.8% to close at 7,197.50 on Monday, while the broader all shares index rose 44.55 points or 1.04% to 4,317.16.

Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message that the bourse improved as investors were optimistic on the distribution of several COVID-19 vaccines.

Britain begins vaccinating its population on Monday with the COVID-19 shot developed by Oxford University and AstraZeneca, touting its position as the first Western country to roll out an inoculation program against the novel coronavirus, Reuters reported.

Britain, which is rushing to vaccinate its population faster than the United States and the rest of Europe in a bid to put the pandemic behind it, is the first country to roll out the Oxford/AstraZeneca shot.

It last year rolled out the Pfizer and Germany’s BioNTech vaccine. The first people are expected to be vaccinated with the Oxford/AstraZeneca shot before 0800 GMT.

Other Western countries have taken a longer and more cautious approach to rolling out vaccines, though Russia and China have been inoculating their citizens for months with several different vaccines still undergoing late-stage trials.

Back home, AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the market ended higher on the first trading day of the year as investors remained “cautiously optimistic” on local quarantine measures.

“Selling pressure subsided compared to what we saw in the previous weeks after current lockdown restrictions were extended instead of tightened, which some were expecting,” Mr. Mangun said in an e-mail.

Most sectoral indices at the PSE ended in the green on Monday, with financials being the sole decliner as it went down 7.65 points or 0.52% to 1,439.99.

Mining and oil increased 366.51 points or 3.84% to 9,894.66; property climbed 73.9 points or 2.01% to 3,738.37; services went up 20.2 points or 1.33% to 1,534.29; industrials gained 72.82 points or 0.77% to 9,466.24; and holding firms went up 45.75 points or 0.62% to 7,400.40.

Advancers edged out decliners, 124 against 121, while 36 names ended unchanged.

Value turnover on Monday amounted to P10.03 billion with 21.55 billion issues switching hands, lower than the P11.11 billon with 95.98 billion issues during the previous trading session.

Net foreign selling reached P214.08 million, reversing net inflows worth P87.48 million on Dec. 29, the last trading day of 2021.

“7,000 remains the psychological level of support, while 7,300 may be considered the nearest resistance area,” Mr. Pangan said. — Revin Mikhael D. Ochave 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

Headline inflation stood at 4% in July, the government reported on Thursday. — PHILIPPINE STAR/ MICHAEL VARCAS PHILIPPINE INFLATION eased to a seven-month low...

Economy

ALL COMPANIES included in the Philippine Stock Exchange (PSE) indices will be required to raise their public float level to 20% by December 2022,...

Economy

THE PHILIPPINES should focus on diversifying its economy to produce high-quality jobs and more competitive products, according to the United Nations in the Philippines....

Economy

SAN Miguel Corp. (SMC) returned to profitability to finish the first half with a net income of P29.57 billion, reversing last year’s P3.99-billion loss,...

Economy

AYALA-LED AC Energy Corp. reported an attributable net income of P1.42 billion in the second quarter, down by 28% from P1.97 billion year on...

Economy

PLDT, Inc. saw its attributable net income for the second quarter grow 10.9% to P7.1 billion, as high demand for data and broadband continued....

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...

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...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

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.

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!