Philippine shares jumped back to the 7,000 level on Tuesday, November 10, as investors grew more optimistic over a COVID-19 vaccine and brushed off the slow economic recovery of the country.
The Philippine Stock Exchange index gained 5.2% at the close, reaching a 9-month peak of 7,035, the highest level since February. The PSEi was Asia's best performer on Tuesday, with all subsectors in the green, led by holding firms which posted a 7% gain. A total of 26 blue chips posted gains, with SM Investment stocks being the most actively traded and gaining over 11%.
The volume of trading activity was so high that stock brokerage firms like COL Financial experienced"slower processing speeds" during the early morning trade.Foreign buying reached P5.8 billion, overtaking foreign selling which stood at P3.55 billion.announced that their COVID-19 vaccine was 90% effective in its Phase 3 trial.