PSEi surges 3% on COVID-19 vaccine developments

Philippine share prices surged by over 3% on Monday, driven by optimism over the availability of vaccines in the country by March.

The local stock barometer PSEi gained 202.14 points or 3.06% to close at 6,814.76 at the closing bell. The broader All Shares gained 96.34 points or 2.40 to 4,103.67.

Monday's climb came after announcements of COVID-19 vaccine availability, and ahead of the release of January inflation data on Friday, February 05.

"Philippine shares began February on a more upbeat tone closing above 6,800 as the GameStop ruckus and vaccine news that stressed the market slowly dissipated to make way for earnings releases and the latest inflation data," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Vaccine czar Secretary Carlito Galvez Jr. over the weekend said the Philippines is scheduled to receive some 5.6 million doses of the Pfizer-BioNTech and AstraZeneca coronavirus vaccines in the first quarter of the year.

More than 32.109 billion shares, valued at P9.983 billion, changed hands. Advancers led decliners, 130 to 82, and 45 issues were unchanged. — BM, GMA News