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The stocks are recovering due to optimism about the virus vaccine BUSINNESS

PSE bells
PHILSTAR / KRIZ JOHN ROSALES

By Denise A. Valdez, reporter

LOCAL SHARES ended the session higher Wednesday as the prospect of a 2019 Coronavirus disease vaccine (COVID-19) raised investor sentiment.

The benchmark index of the Philippine Stock Exchange (PSEi) rose 26.95 points or 0.49% and closed yesterday at 5,523.78. The broader all-shares index rose 16.10 points or 0.48% to 3,329.12.

“The Philippine market has recovered due to new vaccine news and optimism about positive signs of a recovery in the global economy,” said Luis A. Limlingan, sales manager at Regina Capital Development Corp., in a mobile message.

Global pharmaceutical company Merck & Co. announced Tuesday that it has ongoing initiatives to develop an anti-viral drug against COVID-19 that will use the same technology as its Ebola vaccine. Forbes reported.

This news, as well as the hiring of over 1,700 contact tracers in New York to curb the spread of COVID-19 in the city, boosted investor confidence and lifted US markets on Tuesday.

The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite indices rose 2.17%, 1.23% and 0.17% on Tuesday, respectively.

For Christopher John Mangun, research head of AAA Southeast Equities, Inc., the better performance of the local market on Wednesday was due to bargain hunters.

“The PSEi started the day with a small sale. Investors were more optimistic (on Wednesday) than (Tuesday) when they started bargain hunting, which drove the market up towards the end of the trading session, ”he said in an email.

He also noted that First Gen Corp. (FGEN) the main index after the Singaporean company Valorous Asia Holdings Pte. Ltd. Ltd. Interested in buying his shares.

“FGEN was the largest main index winner today, up 14.2% after a Singaporean company announced it would buy shares through a takeover offer for a premium,” Mangun said Wednesday.

Four out of six industry indices ended trading in the green. Mining and oil rose 127.73 points, or 2.94%, to 4,465.23; Industrials rose 108.24 points, or 1.52%, to 7,200.37; Financial data rose 10.18 points, or 0.94%, to 1,087.34; and holding companies rose 31.87 points, or 0.57%, to 5,573.69.

On the other hand, services lost 3.80 points or 0.28% to 1,315.70 and property lost 7.06 points or 0.25% to 2,757.83.

The value turnover on Wednesday amounted to 5.48 billion pesetas, with 1.51 billion issues changing hands. This is a slight increase from the previous day’s 5.17 billion pesetas with 1.36 billion issues.

The advanced defeated the opponents by 99 against 78, while 47 names closed unchanged.

Foreign investors remained sellers yesterday, but net outflows decreased from 1.18 billion pesetas on Tuesday to 209.92 million pesetas.

“The PSEi ended above its 5,500 support level today, which could potentially bring more momentum to a higher move. We could see that it will be higher in the coming days to test the resistance, ”said Mangun.

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