Philippine shares surge over 3% on vaccine optimism

Philippine shares surged by more than 3% on Monday, driven by positive manufacturing data and optimism over the arrival of COVID-19 vaccines.

The Philippine Stock Exchange index (PSEi) closed at 6,814.76 points, up 202.14 points or 3.05%, while the broader All Shares index ended at 4,103.67 points, up 96.34 points or 2.4%.

The local bourse was boosted by January's Purchasing Managers' Index (PMI) rising to 52.5 from December's 49.2, indicating economic expansion.

Optimism also stemmed from the expected delivery of around 5.6 million doses of Pfizer and AstraZeneca vaccines in the first quarter under the COVAX Facility.