PSEi up 1.60% on continued optimism

Philippine shares extended its winning streak on Thursday as investor optimism continued to support the buying activity.

The benchmark PSEi gained 113.51 points or 1.60% to 7,194.13 at the closing bell. The broader All Shares increased by 51.16 points or 1.21% to 4,273.25.

“The PSEi extended its rally, wiping out almost all its losses from last week as investors remain optimistic and continue to look for opportunities in the market,” AAA Equities head of research Chris Mangun said.

“Positive vaccine news also had a positive effect on the sentiment,” he said.

The Pfizer-BioNTech COVID-19 vaccine has a good chance of securing an emergency use authorization (EUA) in the Philippines if it applies for one, Food and Drug Administration director general Eric Domingo said. 

On Wednesday, the Pfizer-BioNTech COVID-19 vaccine was approved for use in the UK. Its rollout is expected next week.

Foreign funds bought P4.341 billion worth of shares and sold P4.818 billion for a net selling position of P476.98 million.

More than 3.549 billion shares valued at P10.739 billion, changed hands. Advancers led decliners, 121 to 98, and 43 issues were unchanged.—LDF,GMA News