[ad_1]
The local stock market barometer soared to the 7,000 mark on Tuesday, further testing pre-lockdown levels as US drug maker Pfizer’s announcement of the COVID-19 vaccine breakthrough made people euphoric. global markets.
The Philippine Stock Exchange Major Stock Index (PSEi) rallied 349.63 points, or 5.23 percent, to close Tuesday at an eight-month high of 7,035.48 when foreign investors returned to the market.
This marked the PSEi’s best result since February 24 this year, as investors ignored the disappointing third-quarter Philippine gross domestic product (GDP) report and focused on Pfizer’s announcement that its COVID-19 vaccine It is 90 percent effective according to the third phase of trials. A possible vaccine may signal the end of the pandemic that has depressed the world economy this year.
When asked if he thought the stock market had now returned to bullish control, BDO Unibank chief strategist Jonathan Ravelas said that this appeared to be the case, adding that a sustained break above 7,000 would. would make it more convincing.
“This development pushed many investors to rebalance their portfolios to close shots and recover stocks that had been negatively affected by pandemic lockdowns,” said COL chief technical strategist Juan Barredo. “These may have generated an excessive boost in market volatility, which may have to normalize in the coming days.”
The strong performance in the US equity market overnight due to the Pfizer announcement spread to the local market, allowing the PSEi to make one of the largest one-day rallies of the year, said the AP vice president. Securities, Jaycob Yedra.
The rally for the day marked the strongest since March 26, when the PSEi rose 7.44 percent. There was around P2.28 billion in net foreign purchases.DORIS DUMLAO-ABADILLA INQ
For more news on the new coronavirus, click here.
What you need to know about the coronavirus.
For more information on COVID-19, call the DOH hotline: (02) 86517800 local 1149/1150.
The Inquirer Foundation supports our leaders in healthcare and still accepts cash donations to be deposited into the Banco de Oro (BDO) checking account # 007960018860 or donate through PayMaya using this link .
Read next
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer and more than 70 other titles, share up to 5 gadgets, listen to the news, download from 4am and share articles on social media. Call 896 6000.
For comments, complaints or inquiries, please contact us.
[ad_2]
