The bellwether PSEi gained 41.06 points or 0.69% to 5,995 at the closing bell. The broader All Shares increased by 14.69 points or 042% to 3,551.98.
“The local bourse climbed for the third straight day backed by hopes stemming form Russia’s newly registered COVID-19 vaccines,” Philstocks Financial said in a market commentary.
Russia became the first country to give regulatory approval to a COVID-19 vaccine despite concerns that it may be putting national prestige before sound science and safety.
Russia named its vaccine Sputnik V, a reference to the world's first satellite and what Moscow sees as its success at becoming the first country to approve a vaccine.
President Rodrigo Duterte is willing to risk his life when he volunteered to take the first shot after Russia offered to supply the Philippines with its COVID-19 vaccine, according to the Palace.
“Vaccine hopes have also lifted the sentiment,” AAA Equities head of research Chris Mangun said.
More than 5.897 billion shares valued at P17.07 billion, changed hands. Decliners led advancers, 102 to 85, and 47 issues were unchanged.
By TED CORDERO, GMA News
Source: Peso Economics
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