May 28, 2024

Krimsonandklover

World Business Inquiries

PSEi recovers on GCQ extension, vaccine hunt news

2 min read

The local stock barometer reboun­ded in thin trading on Thursday as investors drew relief from the government announcement that Metro Manila won’t be returning to tighter lockdown protocols.

The Philippine Stock Exchange index (PSEi) regained 131.15 points or 2.18 percent to close at 6,147.66, likewise boos­ted by positive news on the development of a vaccine against COVID-19, or the disease caused by the new coronavirus.

Christoper Mangun, head of research at AAA Equities, said the PSEi recovered after President Duterte extended the general community quarantine (GCQ) over Metro Manila until July 31.

Mangun said investors also welcomed the government’s decision to subject Cebu City—currently a COVID-19 hot spot—to tighter lockdown protocols to control the spread of new infections.

“The PSEi closed much higher today as investors focused on COVID-19 vaccine hopes and early signs of an upswing in business activity during the pandemic,” Regina Capital Development managing director Luis Gerardo Limlingan said.

He cited reports that Moderna’s experimental vaccine produced antibodies in all patients tested during the initial phase of the study, alongside positive developments in the Oxford COVID-19 vaccine backed by AstraZeneca.

At the local market, all counters ended higher, led by the cyclical counters. The interest rate-sensitive property surged by 2.94 percent, while the financial counter added 2.15 percent.

The holding firm counter gained 1.95 percent, while the industrial counter rose by 1.29 percent.

The mining/oil counter rose by 0.35 percent.

Value turnover was thin at P4.41 billion. Net foreign selling hit P641.67 million.

There were 135 advancers that overwhelmed 62 advancers, while 37 stocks were unchanged.

Investors picked up shares of Metro Pacific, which advanced by 5.05 percent, while ICTSI added 4.3 percent.

—DORIS DUMLAO-ABADILLA


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