Stocks surge on positive Covid-19 vaccine news; peso slips

MANILA – News about the success of the third phase studies on the possible coronavirus disease (Covid-19) vaccines of both the Germany-based BioNTech SE and Pfizer Inc. boosted the local bourse but the peso weakened.

The Philippine Stock Exchange index (PSEi) rose by 5.23 percent, or 349.63 points, to 7,035.48 points.

All Shares trailed with a jump of 3.42 percent, or 135.35 points, to 4,096.47 points.

Holding Firms index increased by 7.09 percent and was followed by Property, 6.95 percent; Financials, 3.35 percent; Services, 1.74 percent; Industrial, 0.63 percent; and Mining and Oil, 0.26 percent.

Volume totaled 2.44 billion shares amounting to PHP13.1 billion.

Gainers led losers at 131 to 87, while 35 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation head of sales, said European markets also surged following news that the possible Covid-19 vaccines of the two companies prevented over 90 percent of infections based on the results from study volunteers, higher than expectations of between 60 to 70 percent.

Meanwhile, the peso ended the day’s trade weaker against the US dollar at 48.27 from 48.145 a day ago.

It opened the day at 48.24 and traded between 48.27 and 48.2.

The average level for the day stood at 48.237.

Volume totaled to USD710.6 million, higher than the USD679.3 million a day ago.