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Philippine stocks fall as vaccine, economic recovery hopes ebb

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Shashwat Awasthi, Reuters

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2020/business/12/04/20200218-pse-bgc-jc-0756.jpg"/><figcaption>The Philippine Stock Exchange (PSE) building at the Bonifacio Global City, Taguig. February 18, 2020. <em>Jonathan Cellona, ABS-CBN News</em></figcaption></figure></div><p>MANILA - Philippine shares snapped a three-day winning run on Friday, hit by a forecast of a deeper economic contraction in the country this year and news that U.S. drugmaker Pfizer Inc had halved its COVID-19 vaccine production target for 2020.<br/> <br/>Trading across other emerging Asian stock markets remained mixed as sentiment around downbeat vaccine headlines was partly offset by hopes that a U.S. coronavirus aid plan would be pushed through Congress. <br/> <br/>Stocks in Indonesia and Malaysia fell 0.4 percent, while South Korea&#x27;s KOSPI climbed 1.6 percent to a record as shares of chipmakers continued to strengthen.<br/> <br/>Manila shares dropped 0.7 percent and the peso eased after officials on Thursday forecast a 8.5 percent - 9.5 percent contraction in the economy, compared with a previous forecast of a 5.5 percent decline. <br/> <br/>The Philippine economy, one of Asia&#x27;s fastest-growing before the pandemic, is still expected to rebound strongly over the next two years and recent upbeat manufacturing and jobs data has supported the recovery view.<br/> <br/>Raul Ruiz, head of research at RCBC Securities, said vaccine headlines were heavily affecting sentiment as investors had turned their attention to the speed and magnitude of recovery in 2021.<br/> <br/>&quot;In this regard, news that the distribution of Pfizer&#x27;s vaccine would be constrained by supply chain issues probably has more bearing on the market,&quot; Ruiz said, also attributing the fall to profit-taking after a 15 percent rally in stocks since October.<br/> <br/>Indian shares advanced, largely unaffected after the Reserve Bank of India, as widely expected, left its repo rate unchanged at the end of a three-day policy meeting on Friday.<br/> <br/>&quot;The evolving growth-inflation mix suggest that the (Indian) central bank monetary policy committee would prefer to settle into a long pause, with a bias to anchor rates through strong dovish guidance,&quot; strategists at Singapore bank DBS said.<br/> <br/>Among currencies, the Taiwanese dollar and the South Korean won each jumped more than 1 percent, while others failed to make significant headway despite the U.S.<br/>dollar&#x27;s woes. </p><figure class="op-interactive"><iframe height="315" src="https://www.youtube.com/embed/-MzmsKRVv7s?enablejsapi=1" width="560"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>Philippine shares snapped a three-day winning run on Friday, hit by a forecast of a deeper economic contraction in the country this year and news that U.S. drugmaker Pfizer Inc had halved its COVID-19 vaccine production target for 2020.<br /> </p>

Philippine shares snapped a three-day winning run on Friday, hit by a forecast of a deeper economic contraction in the country this year and news that U.S. drugmaker Pfizer Inc had halved its COVID-19 vaccine production target for 2020.

Philippine stocks fall as vaccine, economic recovery hopes ebb

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Philippine stocks fall as vaccine, economic recovery hopes ebb

Shashwat Awasthi,

Reuters

Published December 04, 2020 02:14 PM PHT

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