Share prices ended higher Monday as investors cheered the reported acquisition by the government of vaccines against the new coronavirus 2019 (COVID-19).
The Philippine Stock Exchange index was up14.91 points to 7,304.79, a 0.2 percent hike.
The broader all shares index was up 19.06 points to 4,373.33, a 0.44 percent hike.
Gainers edged losers 129 to 94 with 46 stocks unchanged. Trading turnover reached P11.52 billion.
The peso closed at 48.10 to the dollar, down from 48.088 on Friday.
The currency opened at 48.10 and hit a high of 48.065 and a low of 48.115. Trading turnover reached $451.2 million.
SB Equities Inc. said the market “advanced to an 11-month high” on “enthusiasm over reports that the government has secured millions of vaccine doses with initial rollout expected in the first quarter.”
“This added to investor optimism buoyed by Fitch Ratings affirming the country’s sovereign rating of BBB and its stable outlook as well as expectations of bigger US fiscal stimulus package. Amid a second straight day of net foreign inflows, the local bourse shrugged off a flat open to rally,” SB Equities said.
Japhet Tantiangco, analyst at Philstocks Financial Corp., said the optimism was also driven by the “calls within the House of Representatives to discuss the easing of economic restrictions in the Constitution to allow more foreign investments in the country.”
“Profit-taking followed however trimming Monday’s gains,” Tantiangco said.
Foreign funds were net buyers worth P209.73 million.
Most actively traded Premiere Horizon Alliance Corp. was up P0.44 to P2.09. Apollo Global Capital Inc. was up P0.059 to 0.260. Dito CME Holdings Corp. was down P0.44 to P12.66.
AC Energy Philippines Corp. was down P0.60 to P7.22. SM Prime Holdings Inc. was down P0.40 to P40. Ayala Land Inc. was down P0.15 to P41.40. BDO Unibank Inc. was up P1.90 to P110.90. Bank of the Philippine Islands was down P2 to P85.