Stocks move up on earnings, inflation data

MANILA, Philippines — The stock market started the month strong as investors turn their attention to the release of corporate earnings as well as this week’s inflation results for January.

The Philippine Stock Exchange index or PSEi surged 3.05 percent or 202.14 points to 6,814.76, while the All Shares index soared 2.40 percent or 96.34 points to settle at 4,103.67.

“Philippine shares began February on a more upbeat tone, closing above 6,800 as the GameStop ruckus and vaccine news that stressed the market slowly dissipated to make way for earnings releases and the latest inflation data,” Regina Capital Development Corp. managing director Luis Limlingan said.

“In addition, there was encouraging news over the weekend when it was reported that the Philippines will be receiving around 5.6 million doses of COVID-19 vaccines produced by Pfizer and AstraZeneca Plc within this quarter under COVAX facility,” he said.

Given these developments, all local counters ended in the green, with each rising by nearly two percent or more.

Advancers crushed decliners, 130 to 82, while 45 stocks were unchanged. Value turnover stood at P9.98 billion.

Around Asia, most bourses advanced after coronavirus vaccine maker AstraZeneca agreed to increase supplies to Europe amid rising worries about the disease.

Markets were rattled by AstraZeneca’s announcement it would supply the European Union with fewer than half the promised doses. That prompted the EU to impose export controls. On Sunday, AstraZeneca promised to increase European supplies and start delivery earlier.