Connect with us

Hi, what are you looking for?

Economy

Shares up on manufacturing data, vaccine news

PHILIPPINE SHARES bounced back on Monday as market sentiment improved due to factory activity data and the nearing arrival of coronavirus disease 2019 (COVID-19) vaccines in the country.

The Philippine Stock Exchange index (PSEi) improved 202.14 points or 3.05% to finish at 6,814.76 yesterday, while the broader all shares index rose 96.34 points or 2.4% to end at 4,103.67.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said in an e-mail that the local bourse closed higher as investor sentiment got a boost from positive manufacturing data.

“It was a very good day for the PSEi after it rallied more than 200 points. Aside from the technical bounce that we were already expecting, the sentiment got a boost from January manufacturing numbers,” Mr. Mangun said.

IHS Markit on Monday said the country’s Purchasing Managers’ Index (PMI) rose to 52.5 in January, higher than 49.2 in December. The figure moves past the 50-neutral mark that separates expansion from contraction.

Regina Capital Development Corp. Head of Sales Luis A. Limlingan said in a mobile phone message that the market improved as investors reacted to an announcement over the weekend regarding local COVID-19 vaccine distribution.

Carlito G. Galvez, Jr., the country’s vaccine czar, announced on Sunday that at least 5.6 million doses of COVID-19 vaccines manufactured by Pfizer, Inc. and AstraZeneca PLC are expected to arrive in the Philippines in the first quarter of 2021.

Both vaccines have received emergency use approval from the local Food and Drug Administration (FDA). The government plans to procure 148 million doses of vaccines for 2021 to inoculate 70 million Filipinos.

“The market ended higher today as investors hunted for bargains after last week’s selloff, with some participants feeling optimistic that the year 2021 will be a year that the country will see positive economic growth,” Timson Securities, Inc. Head of Online Trading Darren Blaine T. Pangan said in a mobile phone message on Monday.

All sectoral indices at the PSE improved at the close of Monday’s trading. Property went up 154.28 points or 4.57% to 3,527.15; financials increased 43.44 points or 3.15% to 1,421.79; services climbed 45.27 points or 3.12% to 1,495.54; mining and oil gained 249.57 points or 3.04% to 8,437.39; industrials inched up 184.67 points or 2.14% to 8,811.67; and holding firms surged 123.34 points or 1.82% to 6,865.73.

Advancers bested decliners, 130 against 82, while 45 names ended unchanged.

Value turnover on Monday reached P9.98 billion with 32.11 billion issues switching hands, lower than the P11.8 billion with 41.76 billion shares traded in the previous session. Net foreign selling retreated to P1.19 billion from the P3.13 billion worth of net outflows logged on Friday.

“Support may be pegged at 6,500, while nearest resistance is at 7,300,” Mr. Pangan said. — Revin Mikhael D. Ochave

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 Kyle Aristophere T. Atienza, Reporter THE PHILIPPINES under President Ferdinand R. Marcos, Jr. would probably keep close economic ties with China despite a...

Economy

THE PHILIPPINE Justice department has invited a forensic expert from the United Nations (UN) to improve local capacity in investigating extrajudicial killings in connection...

Economy

A CIVIC group on Sunday asked the Bureau of Internal Revenue (BIR) to be fair in its clampdown against tax evaders, citing the tax...

Economy

THE PHILIPPINE legislature, with majority of both chambers allied with the Marcos administration, should exercise its authority as an independent body in keeping watch...

Economy

SENATOR Sherwin T. Gatchalian has filed a resolution to look into the implementation of a law that protects students from bullying and other forms...

Economy

THE HOUSE Speaker on Sunday directed the agriculture and food committee to conduct a probe and possibly recommend the filing of charges against alleged...

You May Also Like

Investing

Browsing history makes referring to sites and pages you’ve visited in the past seamless. It’ll help you recall what page you checked out on...

Investing

The minute that any question pops into your head, you can simply ask Google. No longer do we have to pour over books and...

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

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.