Vaccines hopes send local stocks higher

Philippine share prices rallied on Thursday as the market cheered news on the development of a potential vaccine that can end the COVID-19 pandemic.

The local stock barometer PSEi gained 154.37 points or 2.49% to 6,364.08 at the closing bell. The broader All Shares increased by 66.23 points or 1.81% to close at 3,716.98.

“Hopes stemming from the positive trial result of Pfizer and BioNTech’s coronavirus vaccine candidate sent the local market with its regional peers higher,” Philstocks Financial said in a market commentary.

A report by Reuters said a COVID-19 vaccine developed by German biotech firm BioNTech and US pharmaceutical giant Pfizer has shown potential and was found to be well tolerated in early-stage human trials. 

The drug is one of 17 being tested on humans in a frantic global race to find a vaccine the world is counting on to end a pandemic that has infected 10.5 million people and killed more than half a million so far.

The potential treatment is the fourth early-stage COVID-19 drug to show promise in human testing, along with projects involving Moderna, CanSino Biologics and Inovio Pharmaceuticals.

More than 761.370 million valued at P7.349 billion, changed hands. Winners led losers, 132 to 61, and 46 issues were unchanged.

Across indices, banks led the gainers climbing 3.33%, while miners were the only loser shedding 0.52%.

Foreigners were net buyers at P59.324 million, as they bought P3.418 billion and sold P3.359 billion. —LDF, GMA News