The optimism on more vaccines for the coronavirus disease 2019 (Covid-19) arriving in the country soon allowed the local bourse to extend its rebound on Wednesday.
The benchmark Philippine Stock Exchange index (PSEi) climbed 0.79 percent or 50.66 points to its intraday high of 6,497.01, while the wider All Shares gained 0.55 percent or 21.61 points to close at 3,934.93.
Philstocks Financial Inc. research associate Claire Alviar said the main index recovered in the latter part of trading.
“Optimism on the arrival of additional Covid-19 vaccines in the Philippines won over lingering fears in the economy,” Alviar explained.
The PSEi opened at 6,427.72 and fell to its intraday low of 6,393.14 before closing at its day high.
Alviar said the market was trading in the negative territory before close amid the decline of US markets overnight.
The Dow Jones, S&P 500 and Nasdaq lost 0.94 percent, 0.76 percent and 1.12 percent, respectively.
Most local sectors improved headed by the services index at 1.82 percent, while the mining and oil was the only decliner at 0.1 percent.
Total volume turnover was at 9.27 billion shares valued at P21.32 billion.
Losers led winners, 98 to 90, while 64 securities were unchanged.