Vaccine news lift PH stocks

LOCAL shares got a boost on Thursday on news of progress toward producing a coronavirus disease 2019 (Covid-19) vaccine.

The benchmark Philippine Stock Exchange index (PSEi) rose by 2.49 percent or 154.37 points to close at to 6,364.08, while the wider All Shares climbed by 1.81 percent or 66.23 points to finish at 3,716.98.

In a market comment, Philstocks Financial Inc. said “hopes stemming from the positive trial result of Pfizer and BioNTech’s coronavirus vaccine candidate sent the local market [and] its regional peers higher.”

On Wednesday, Germany’s BioNTech and US pharmaceutical giant Pfizer reported positive preliminary results from their joint project to develop a vaccine.

Known as BNT162b1, it produces antibody responses at or above the levels seen in any convalescent serum — blood from people who have recovered — at relatively low doses, according to BioNTech Chief Executive Officer Ugur Sahin.

The preliminary data comes from a so-called phase 1/2 trial that aimed to show the vaccine is not toxic and triggers an immune system response to prepare the body to fight off the virus.

Diversified Securities Inc. trader Aniceto Pangan also attributed Thursday’s rise to the vaccine news, along with the release of US manufacturing data, while Regina Capital Development Corp. Managing Director Luis Limlingan said stocks rallied in low volume not only on the back of vaccine hopes, but also on positive pandemic trends and reopening of economies.

Total volume turnover hit 761.37 million shares, valued at P7.35 billion, on Thursday.

On Wall Street, the S& P 500 and Nasdaq gained 0.5 percent and 0.95 percent, respetively, while Dow the Jones slid by 0.3 percent.

Most Asian markets were up. Tokyo inched up by 0.11 percent, Shanghai climbed by 2.13 percent, Hong Kong improved by 2.71 percent, Seoul gained 1.36 percent, Jakarta added 0.88 percent, Singapore increased by 0.82 percent and Thailand jumped by 1.81 percent. Ho Chi Minh lost 0.13 percent.

In Manila, most sectors ended up, with financials leading at 3.33 percent. Mining and oil shed 0.52 percent.

Winners outpaced losers, 132 to 61, while 46 securities were unchanged.