Philippine stocks surge 2.49% on vaccine trial optimism

Philippine stocks surged by 2.49% on Thursday, closing at 6,364.08 as positive results from the US vaccine trials boosted investor confidence.

The financial counter led gains with a 3.33% increase, followed by the industrial and services counters which rose over 2%. The broader All Shares index also climbed by 1.81%.

Philstocks Financial attributed the rally to hopes for an end to the pandemic following positive trials of Pfizer and BioNTech’s vaccine candidate.