Connect with us

Hi, what are you looking for?


Shares rebound as gov’t clears Pfizer vaccine use

By Revin Mikhael D. Ochave, Reporter

PHILIPPINE shares ended higher on Thursday, ending its two-day skid, on the government’s approval of Pfizer, Inc.’s coronavirus disease 2019 (COVID-19) vaccine for emergency use.

The Philippine Stock Exchange index (PSEi) rose 30.3 points or 0.41% to close at 7,273.15, while the all shares index climbed 16.01 points or 0.36% to end at 4,350.94.

Philstocks Financial, Inc. Senior Research Analyst Japhet Louis O. Tantiangco said in a mobile phone message that the local bourse improved as the market cheered the government’s approval of Pfizer’s COVID-19 vaccine for emergency use.

Reuters reported that the Food and Drug Administration on Thursday has granted emergency use authorization for the COVID-19 vaccine created by Pfizer and BioNTech.

The vaccine has shown to have a 95% efficacy rate, but requires storage in temperatures ranging from -80 to -60 degrees Celsius.

AAA Southeast Equities, Inc. Research Head Christopher John Mangun said the market improved despite a confirmed case of the new COVID-19 strain in the country.

“Buying pressure picked up right at the open after buyers noticed that there wasn’t much panic selling. This tells us that most investors were already expecting the new mutation to be found here and it was only a matter of time,” Mr. Mangun said in an e-mail.

The Department of Health announced on Wednesday that the Philippine Genome Center (PGC) has confirmed the detection of the new COVID-19 variant in the country.

The new variant, known as B117 and first found in the United Kingdom, was detected in a 29-year old Filipino male who arrived from the United Arab Emirates on Jan. 7.

Majority of sectoral indices closed higher on Thursday, except for mining and oil, which dropped 146.17 points or 1.46% to 9,808.54, and industrials, which fell 46.6 points or 0.48% to 9,499.84.

Financials improved 16.31 points or 1.09% to 1,506.39; services went up 14 points or 0.91% to 1,552.85; property increased 17.35 points or 0.46% to 3,712.82; and holding firms gained 6.59 points or 0.08% to 7,420.01.

Decliners bested advancers, 121 versus 107, while 36 names ended unchanged.

Value turnover amounted to P10.96 billion with 30.09 billion issues switching hands, lower than the P9.17 billion with 17.08 billion issues logged in the previous session.

Net foreign buying reached P242.46 million, a turnaround from the net outflows worth P220.06 million logged on Wednesday.

“The PSEi climbed all the way up to the 7,300 level, but couldn’t end the day above it, proving once again how strong this resistance level is. We may see a pullback on the last trading day of the week,” Mr. Mangun said. — with Reuters

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!



Janet L. Yellen said pandemic relief would take priority over tax increases, but corporations and the wealthy, which both benefited from 2017 Republican tax...

Editor’s Pick

HSBC is to close 82 branches in the UK between April and September this year, claiming customers are turning to digital banking. The company...


Over the coming decade, the next major problem the world faces after COVID-19 remains climate change, said the World Economic Forum. Image of a...

Editor’s Pick

The government has unveiled details of a £23m fund to support fishing firms as it tries to quell industry anger over Brexit border delays....

Editor’s Pick

Whole groups of people are falling through the cracks of Covid-19 support schemes due to out-of-date tax systems, MPs have said. Some freelancers and...

Editor’s Pick

Productivity increased at its fastest pace in 15 years in the three months to September as the economy bounced back from the first lockdown,...

You May Also Like

When people envision technology overtaking society, many think of The Terminator and bulletproof robots. Or Big Brother in George Orwell’s Nineteen Eighty-Four, a symbol...

Financial Advisors

Stock Markets9 hours ago (Jul 02, 2020 04:45AM ET) (C) Reuters. ROME (Reuters) – World food prices rose in June to post their first...


SAN FRANCISCO — The spread of the coronavirus has meant feast or famine for technology start-ups. While many are cutting staff and slashing costs...


In Wisconsin and Ohio, farmers are dumping thousands of gallons of fresh milk into lagoons and manure pits. An Idaho farmer has dug huge...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 Respect Investment. All Rights Reserved.