Local shares finished the week higher on Friday as new developments on the hoped-for coronavirus disease 2019 (Covid-19) vaccines and their anticipated distribution encouraged investors.
The Philippine Stock Exchange index (PSEi) gained 1.28 percent or 91.73 points to close at 7,246.16 while the wider All Shares climbed 1.12 percent or 47.81 points to end at 4,318.73.
Philstocks Financial Inc. senior research analyst Japhet Tantiangco attributed the main index’s latest performance to continued optimism over the vaccines, “fueling investors’ hopes that one may already become available in the Philippines soon.”
Local stocks also got a boost from foreign investors, he added, as net foreign selling ended at P212.08 million.
Trading was active on Friday as the net value turnover registered P9.13 billion, higher than the year-to-date average of P6.43 billion.
Regina Capital Development Corp. Managing Director Luis Limlingan said investors flocked anew to local shares as the United States’ higher-than-expected unemployment data and ongoing debates on a new economic stimulus package caused Wall Street to end flat overnight.
The latest number of unemployment claims in the US surged to 853,000, higher by 137,000 from the week before.
The Dow Jones and S&P 500 shed 0.23 percent and 0.13 percent, respectively, while the Nasdaq inched up 0.54 percent.
The indexes of local sectors all closed higher, with property leading at 2.72 percent.
Total volume turnover was at 75.93 billion shares valued at P9.89 billion.
Winners outpaced losers, 155 to 77, while 40 securities were unchanged.