PSEi extends rally on vaccine rollout optimism

Philippine share prices continued their rally on Tuesday amid renewed optimism on the country’s economic recovery with the start of the rollout of anti-COVID-19 vaccines.

The benchmark PSEi gained 46.57 points or 0.68% to 6,919.54 at the closing bell. The broader All Shares increased by 14.52 points or 0.35% to 4,179.92.

“The local index climbed in a broad-based rally as stocks tied to the economic reopening jumped on vaccine optimism,” Regina Capital Development head of sales Luis Limlingan said.

The Philippines over the weekend received 600,000 doses of the Sinovac vaccine as a donation from China, with the first batch of inoculations conducted earlier on Monday.

“Despite the beginning of the vaccine rollout and easing of restrictions, investors are wary of rising inflation and the prolonged economic recovery,” AAA Equities head of research Chris Mangun said.

More than 126.72 billion shares valued at P9.887 billion, changed hands. Decliners led advancers, 121 to 105, and 44 issues were unchanged. — BM, GMA News