May 25, 2024


World Business Inquiries

Index gains 2.49%, breaches 6,300 level

2 min read

The local stock barometer yesterday surged to the 6,300 level as promising results of coronavirus (COVID-19) vaccine trials in the US cheered lockdown-weary investors.

The main-share Philippine Stock Exchange index (PSEi) racked up 154.37 points or 2.49 percent to close at 6,364.08, tracking the upswing of the US futures as well as regional stock markets.

Investors welcomed positive results of the experimental COVID-19 vaccine being developed by pharmaceutical giant Pfizer and biotech firm BioNTech.

The local market was boosted by the financial counter, which gained 3.33 percent. The industrial counter climbed by 2.33 percent whole the holding firm counter added nearly 2 percent.

The industrial, services and property counters all rose by over 2 percent.

Only the mining/oil coun­ter ended lower, shedding 0.52 percent.

Total value turnover for the day hit P7.35 billion. There was modest net foreign buying worth P59.3 million.

There were 132 advancers that overwhelmed 61 decliners, while 46 stocks were unchanged.

First Gen, which got P9.6-billion infusion from global private equity firm KKR, surged by 8 percent.

Investors also loaded up on stocks of local banking giants Metrobank and BPI, which both rose by over 4 percent.

Conglomerate SM Investments Corp., the day’s most actively traded company, advanced by 3.26 percent, while PLDT, Ayala Land Inc. and ICTSI all rose by over 3 percent.

BDO, SM Prime, Metro Pacific and Security Bank all added over 2 percent.

GT Capital rose by nearly 2 percent, while Globe Telecom, Ayala Corp., JG Summit and Puregold all rose by less than 1 percent.

One notable gainer outside the PSEi was Manila Water, which surged by 4.24 percent. A notable non-PSEi decliner was Dito, which lost 8.75 percent.


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Source Article | Newsphere by AF themes.