PSEi closes up as new vaccine deal boosts optimism

After Monday’s bloodbath, the local stock barometer firmed up slightly on Tuesday on hopes for more coronavirus vaccine rollout.

The main-share Philippine Stock Exchange index (PSEi) added 6.62 points, or 0.1 percent, to close at 6,559.08.

Local equities reversed early losses to close in the green on news that the government had signed a supply deal for 30 million Novavax doses, said Luis Gerardo Limlingan, managing director at Regina Capital Development.

“Speculation is now arising as to how soon these vaccines will arrive. Meanwhile sentiment also got a boost as investors grew optimistic about the economic reopening from the pandemic worldwide, shaking off their losses from earlier in the session,” he said.

The local market was led higher by higher by the financial and industrial counters, which both rose by over 1 percent, while the services and mining/oil counters both rose by less than 1 percent.

The holding firm and property counters both slipped by less than 1 percent.

Value turnover for the day amounted to nearly P5.9 billion. There was P298.83 million worth of net foreign selling.

Advancers outnumbered 97 decliners, 118 to 97, while 41 stocks were unchanged.

URC and Ayala Corp. lifted the PSEi with their over 3-percent gain, while lenders BDO and BPI also contributed as they both rose by over 2 percent.