Stocks rally for 3rd day on vaccine hopes

Published December 3, 2020, 4:29 PM

by James A. Loyola

The local stock market continued to surge on heightened optimism over COVID-19 vaccines and prospects of a US Stimulus plan.

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The main index jumped 113.51 points or 1.60 percent to close at 7,194.13 with only the Services sector retreating.
Volume rose to 3.65 billion shares worth P10.74 billion as gainers beat losers 121 to 98 with 43 unchanged.
”The local bourse extended its rally as Coronavirus vaccine hopes continue to fuel investors’ optimism. The improvement in China’s Caixin/Markit services Purchasing Managers’ Index from 56.8 in October to 57.8 in November also helped in Thursday’s rally,” said Philstocks Financial Senior Analyst Japhet Tantiangco.
Regina Capital Development Corporation Managing Director Luis Limlingan noted that, “Local shares closed higher as investors awaited word from Washington on a long-awaited COVID-19 financial relief bill.“
AAA Equities Head of Research Chris Mangun said “The PSEi extended its rally, wiping out almost all its losses from last week as investors remain optimistic and continue to look for opportunities in the market. It was blue chip bank stocks that led today’s rally while property and holding firms also continue to advance.”