Philippine stocks climb as UK approves Pfizer-BioNTech COVID-19 vaccine

Philippine stocks climbed on Thursday for the third consecutive day, driven by positive developments regarding coronavirus vaccines and a lower unemployment rate.

The benchmark PSEi index rose 1.60% to close at 7,194.13 points, while the All Shares index increased 1.21% to end at 4,273.25 points.

Investor optimism was fueled by Britain's approval of the Pfizer-BioNTech COVID-19 vaccine for use, making it the first country to do so.

Philstocks Financial’s Japhet Louis O. Tantiangco and AAA Equities’ Chris Mangun attributed the market rally to positive vaccine news and ongoing investor optimism.

The Food and Drug Administration director general Eric Domingo said the Pfizer-BioNTech vaccine has a good chance of securing an emergency use authorization in the Philippines if it applies.