Share prices ended up Thursday as investors continued to pick stocks after a recent rout.
The Philippine Stock Exchange index was up 153.66 points or by 2.09 percent to 7,506.51.
The broader all shares index was up 68.47 points or by 1.57 percent to 4,422.72.
Gainers edged losers 115 to 70 with 46 stocks unchanged. Trading turnover reached P7.04 billion.
The peso closed at 50.78 to the dollar, up from 50.92 on Wednesday.
The currency opened at 50.82, hit a high of 50.73 and a low of 50.83.
Trading turnover reached $917.8 billion.
“Philippine shares rose after several sources cited that a vaccine is nearing and new case has stabilized and ahead of the (Bangko Sentral ng Pilipinas) meeting later today (yesterday),” said Luis Limlingan, managing director at Regina Capital Development Corp.
Limlingan said while investors are digesting the developments, particularly in combatting the virus, it is also “watching the stabilization of the new cases (of nCoV) as a gauge of further market movement.”
“The WHO (World Health Organization) pushed back against suggestions of imminent breakthroughs on vaccines or treatments. Hong Kong took additional containment steps, saying it will quarantine all arrivals from mainland China starting February 8 and closing its cruise-ship terminal. (Microsoft’s) Bill Gates’ foundation threw more money at the problem, increasing its pledge to fight the outbreak to up to $100 million,” Limlingan noted.
Most actively traded SM Investments Corp. was steady at P1,000. Ayala Land Inc. was up P1.40 to P43.35. SM Prime Holdings Inc. was up P2.35 to P41.95. Ayala Corp. was up P16 to P760. Manila Water Co. was up P1.34 to P14.96. Jollibee Foods Corp. was up P1.30 to P191.90. BDO Unibank Inc. was up P2.40 to P153. PLDT Inc. was up P43 to P1,093.
