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Initial Covid-19 vaccine results boost stocks, peso

Initial Covid-19 vaccine results boost stocks, peso
By Joann Villanueva
MANILA – Reports about the positive initial results of the coronavirus disease 2019 (Covid-19) drug being developed by biotechnology firm, Moderna, and the call by the Federal Reserve for more policy support lifted sentiments in the Philippines’ financial market Tuesday.

After a two-day slide, the Philippine Stock Exchange index (PSEi) recovered and rose by 1.40 percent, or 76.50 points, to 5,555.85 points.

All Shares increased by 1.03 percent, or 34.32 points, to 3,359.82 points.

Holding firm counter jumped the highest at 2.26 percent, and was trailed by the Services, 1.65 percent; Financials, 1.23 percent; Property, 0.42 percent, and Industrial, 0.03 percent.

Only the Mining and Oil index ended the day in the red after it shed 0.19 percent.

Volume totaled to 600.65 million shares amounting to PHP4.05 billion.

Gainers surpassed losers at 90 to 80, while 44 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said markets also took note of Fed Chair Jerome Powell’s statement calling for additional policy measures on the back of the projection that economic recovery from the pandemic will take some time.

Other positive developments that benefited the market Tuesday include China’s announcement that demand for oil is back to normal and the news that Germany is considering lifting the international travel ban.

The peso ended the day at 50.7 to a US dollar from 50.9 a day ago.

It opened the day weaker at 50.82 compared to its 50.7 start in the previous session.

It traded between 50.83 and 50.7, resulting in an average of 50.787.

Volume totaled to USD567.8 million, lower than the USD888.2 million a day ago. (PNA)

Initial Covid-19 vaccine results boost stocks, peso Initial Covid-19 vaccine results boost stocks, peso Reviewed by AsianPolicy.Press on 11:14:00 AM Rating: 5

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