Local share prices rose Friday, ( Feb. 26) as investors picked up bargains amid news that vaccines will finally arrive, ignoring an overnight sell-off in Wall Street.
The Philippine Stock Exchange index (PSEi) gained 38.91 points, or 0.58 percent, to close at 6,794.86 although sector indices were evenly mixed.
A total of 12.28 billion shares worth P13.74 billion changed hands with gainers beating losers 121 to 96 as 42 remained steady.
“The local bourse was lifted by late day bargain hunting, with the positive sentiment over the arrival of the Sinovac vaccine in the Philippines on Sunday,” said Philstocks Financial Research Associate Claire Alviar.
She noted that, “After the sell-off in the previous trading day, investors hunted for bargains, particularly in the PSE index members. Earlier in the day, the market was in the red following the drop in Wall Street.”
Regina Capital Development Corporation Managing Director Luis Limlingan said “Shares in the Philippine market closed on the positive as an outsized surge in US bond yields spooked investors, who rushed to dump risk assets, especially high-flying technology names.”