PSEi continues climb on COVID-19 vaccine optimism

Philippine share prices climbed for the second consecutive trading day on Monday to mark fresh eight-month highs, driven by the optimism on COVID-19 vaccines.

The main PSEi gained 8.83 points or 0.12% to 7,178.62 at the closing bell, its strongest performance of the index in eight months since it closed at 7,187.44 on February 24, 2020. The broader All Shares index rose 34.87 points or 0.83% to 4,254.26.

Several companies have reported over 90% effectivity of their vaccines, pushing optimism that global distribution could be realized in the coming months.

"The PSEi settled slightly up as positive developments for a vaccine distribution offset negative news of soaring COVID-19 cases and disagreement on new stimulus," Luis Limlingan, head of sales at Regina Capital Development Corp., said in a mobile message.

Limlingan noted that the US Congress recessed last weekend for Thanksgiving without progress on fiscal relief measures, reducing odds that a package could be passed before the end of the year and a much small package of temporary extensions are more likely.

More than 10.296 billion shares, valued at P11.929 billion, changed hands. Advancers led decliners, 147 to 77, and 45 issues were unchanged.—AOL, GMA News