The local stock market continued Friday’s gains on better economic data and the arrival of a small batch of vaccines.
The main index hiked 78.11 points or 1.15 percent to close at 6,872.97 as sector indices rose across the board.
Volume was lower though, at 8.72 billion shares worth P8.34 billion, as gainers beat losers 149 to 76 with 48 unchanged.
“Local shares edged up with signs of improving economic conditions spurring bargain hunting across the board,” said Regina Capital Development Corporation Managing Director Luis Limlingan.
He added that, “In the Philippines, factory activity last month remained somewhat stable, as the February PMI came in at 52.5. This marks the second consecutive month of PMI expansion. Recall that the country's PMI fell below the 50-mark amid the pandemic.”
Philstocks Financial Senior Analyst Japhet Tantiangco said “The local bourse rose on the back of hopes for the further reopening of the economy in the Philippines with the roll out of COVID-19 vaccines.” He noted that, “inoculation in the country started following the arrival of the Sinovac Vaccines. President Duterte also said that he is considering the shifting of the entire country to MGCQ once more vaccines become available.”
AAA Equities Head of Research Chris Mangun said “The PSEi started the week on a positive note, ending higher along with other Asian markets. It drew momentum from its reversal last Friday, continuing higher on less selling pressure.”
He said “Progress on the inoculation of the vaccines that recently arrived may have improved the sentiment.” Mangun also noted that, “The Philippine manufacturing sector recorded its second month of expansion in February as manufacturers rebuilt their inventory in anticipation of increased demand. This also confirmed the economy's recovery to investors.”