Hopes for 2019-nCoV cure lift PSEi

NEWS of a vaccine for the 2019-novel coronavirus acute respiratory disease (2019-nCoV ARD) nearing development lifted investor sentiment on Thursday, propelling the bourse to end in the green for the third consecutive day.

The benchmark Philippine Stock Exchange index ( PSEi) surged 2.09 percent or 153.66 points to end at 7,506.51, while the wider All Shares climbed 1.57 percent or 68.47 points to finish at 4,422.72.

“Philippine shares rose after several sources cited that a vaccine ( for the 2019 nCoV) is nearing,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Analysts generally have expressed confidence the illness would be largely contained to China and the economic harm will not be lasting.

The World Health Organization is enjoining medical experts this month to develop coronavirus drugs and vaccines amid the outbreak.

Meanwhile, Philstocks Financial Inc. said the PSEi benefitted from Wall Street spillover and “robust” lending growth.

The Bangko Sentral ng Pilipinas recently reported that loans disbursed by universal and commercial banks rose by 10.9 percent to P9.51 trillion in December 2019 from P8.33 trillion last year.

Wall Street registered gains. Dow Jones, S&P 500 and Nasdaq were up 1.68 percent, 1.13 percent and 0.43 percent, respectively.

In Asia, most markets were up. Tokyo surged 2.38 percent, Shanghai jumped 1.72 percent, Hong Kong rose 2.38 percent, Seoul climbed 2.88 percent, Singapore added 0.69 percent, Thailand inched up 0.06 percent and

Vietnam increased 1.27 percent.

Jakarta, meanwhile, dipped 0.03 percent.

In Manila, all sectors ended in the green, with property leading with a 3.95-percent uptick.

Volume turnover stood at 6.22 billion shares amounting to P7.04 billion.

Winners led losers, 115- 70, while 46 issues were unchanged.