Stocks up on news of successful vaccine

Published November 17, 2020, 4:37 PM

by James A. Loyola

The local stock market gained on news of the success of another coronavirus vaccine.
The PSEi advanced 41.09 points or 0.59 percent to close at 6,959.14 as all sectors were in the green.
Volume rose to 2.49 billion shares worth P10.25 billion as gainers beat losers 126 to 98 with 41 unchanged.
“The PSEi along with other regional markets jumped after preliminary coronavirus vaccine data from Moderna further lifted expectations of a strong economic recovery,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
Aside from the vaccine, Philstocks Fin Research Analyst Claire Alviar said “the growth of cash remittance year-on-year brought positive sentiment, along with the improved data of October car sales.”
However, AAA Equities Head of Research Chris Mangun noted that,
“the market has been displaying sideways movement in the last few days. This tells us that investors are currently uncertain on whether the market should continue higher or start retreating.  Perhaps investors are waiting to gauge how strong business activity will pick up in the coming weeks as the christmas season approaches.”