Stocks higher on US gains, vaccine arrival

Published February 9, 2021, 4:41 PM

by James A. Loyola

The local stock market chalked up some gains as losers investors were encouraged by a new US stimulus package and the arrival of vaccines in the Philippines.

The main index rose 41.07 points or 0.59 percent to close at 7,065.55 with sectoral indices evenly mixed.

Volume improved to 30.44 billion shares worth P12.27 billion as gainers outnumbered losers 127 to 104 with 40 unchanged.

“Local shares closed higher as investor repositioned after the release of the results of the PSEi rebalancing, while others made bets ahead of the MSCI’s decision,” said Regina Capital Development Corporation Managing Director Luis Limlingan.

He added that, “Others became hopeful that the new COVID-19 stimulus coupled with further economic recovery would be enough impetus for companies to recover.”

Philstocks Financial Research Analyst Claire Alviar said “The local bourse gained amid optimism from the COVID-19 vaccine development and spillover of positive sentiment from Wall Street.”

“Asian markets, along with the PSEi followed gains from the US Markets after closing to a record-high overnight due to the fiscal stimulus optimism,” Alviar noted.