The local stock barometer soared to the 7,000 level mark on Tuesday, further probing prelockdown levels, as American drug-maker Pfizer’s announcement of the COVID-19 vaccine breakthrough turned global markets euphoric.
The main-share Philippine Stock Exchange index (PSEi) rallied by 349.63 points or 5.23 percent to close on Tuesday at an eight-month high of 7,035.48 as foreign investors returned to the market.
This marked the PSEi’s best finish since Feb. 24 this year as investors ignored the disappointing third quarter Philippine gross domestic product (GDP) report and focused on Pfizer’s announcement that its COVID-19 vaccine is 90-percent effective based on third phase of trials. A prospective vaccine can signal an end to the pandemic that has depressed the global economy this year.
Read more: https://business.inquirer.net/311507/psei-up-5-23-breaks-7000-on-covid-19-vaccine-breakthrough
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