Late bargain hunting and positive sentiment on the anticipated arrival of the much-talked-about Sinovac coronavirus vaccines in the country lifted the stock market on Friday.
The benchmark Philippine Stock Exchange index (PSEi) inched up by 0.58 percent or 38.91 points to end at 6,794.86 while the wider All Shares climbed by 0.49 percent or 20.14 points to close at 4,120.30.
Philstocks Financial Inc. research associate Claire Alviar said the main index recovered on investors looking for bargains before trading closed and being encouraged by news that the China-developed vaccines are coming.
Malacañang announced on Thursday that the first batch of these vaccines — whose efficacy rates were found to be much lower than those developed by pharmaceutical giant Pzifer and its German partner BioNTech, Moderna, and AstraZeneca and Oxford University — is expected to arrive in the Philippines on Sunday.
This came after the government earned widespread criticism over the slow pace of its vaccine procurement, compared to its counterparts in Southeast Asia and even in countries like Ghana and Zimbabwe.
“After the selloff [on the previous] trading day, investors hunted for bargains, particularly in the PSE index members,” Alviar said.
She noted that the market was down at intraday following Wall Street’s drop overnight.
The bourse opened at 6,718.06 and fell to its intraday low of 6,681.14. It also reached its high of 6,827.17.
The Dow Jones, S&P 500 and Nasdaq lost 1.75 percent, 2.45 percent and 3.52 percent, respectively.
The indices of local sectors were mixed, with financial leading winners at 2.9 percent. Holding firms led the losers at 1 percent.
Total volume turnover was at 12.28 billion shares, valued at P13.74 billion.
Advancers outpaced decliners, 121 to 96, while 42 securities were unchanged.