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Fresh vaccine hopes end PHL stocks’ losing streak
The Philippine Stock Exchange index (PSEi) recovered on Tuesday, closing 0.59 percent higher at 6,959.14 points, influenced by positive developments regarding a potential COVID-19 vaccine.
The peso, meanwhile, ended the day trading sideways against the US dollar.
All sectoral counters in the PSEi also saw gains, with the Financials sector leading the increase.
Market sentiment was boosted by preliminary data from US-based Moderna indicating over 94 percent efficacy for its COVID-19 vaccine candidate.
This positive news for a vaccine further fueled expectations of a strong economic recovery, mirroring trends in other regional markets.
The positive global outlook also contributed to a rise in international oil prices.
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The peso closed at 48.145 against the US dollar on Tuesday, marking one of its strongest levels in over four years, driven by positive vaccine developments and a weaker US dollar.
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The Philippine Stock Exchange index (PSEi) climbed back to the 7,000-level on Friday, boosted by a surprise 25 basis point cut in the Bangko Sentral ng Pilipinas' (BSP) key rates.
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Local shares are expected to decline this week due to profit-taking following a two-week rally.
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Health Undersecretary Maria Rosario Vergeire assured that the Philippine government can still procure COVID-19 vaccines from companies like Moderna, even if they have not conducted clinical trials in the country.
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