Share prices ended up Thursday on bargain hunting. The peso was up as well.
The Philippine Stock Exchange index was up 73.18 points or 1.04 percent to 7,082.61.
The broader all shares index was up 34.60 points or 0.93 percent to 3,759.35.
Gainers edged losers 108 to 64 with 58 stocks unchanged. Trading turnover reached P7.83 billion.
The peso closed at 52.33 to the dollar, up from 52.39 on Wednesday.
The currency opened at 52.41 and hit a high of 52.15 and a low of 52.43. Trading turnover reached $960.95 million.
Asian currencies weakened on Thursday as US President Joe Biden sought to persuade European leaders to impose more sanctions on Russia, while the Federal Reserve’s hawkishness kept global markets under pressure, Reuters reported.
The Thai baht, Philippine peso, Singapore dollar and Malaysian ringgit eased marginally as the US dollar gained ground against major currencies.
Asian bond markets also suffered a continued sell-off.
The 10-year yields in Philippines, Malaysia and Thailand edged higher, while Indonesia’s 10-year benchmark yield slipped slightly.
“Investors turned into bargain- hunters as investors took bets ahead of the Monetary Board meeting later this afternoon,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
Limlingan also said that investors welcomed Executive Order No. 166, a 10-point policy agenda aimed at accelerating the economy’s recovery from the pandemic.
“The EO includes strengthening healthcare capacity and expanding the vaccination program. To further reopen the economy, the agenda stated to expand public transport capacity and resume face-to-face learning. To boost the local tourism industry, the gov’t will reduce restrictions on domestic and international travel and at the same time standardize LGU requirements,” he said.
Most actively traded SM Investments Corp. was up P18 to P885. Converge ICT Solutions Inc. was up P1 to P27.80. SM Prime Holdings Inc. was down P0.95 to P37.95. PLDT Inc. was up P46 to P1,831. Metropolitan Bank and Trust Co. was down P1 to P52.95.
International Container Terminal Services Inc. was up P1.60 to P222. Ayala Land Inc. was up P0.65 to P36. Universal Robina Corp. was up P1 to P112.90. Jollibee Foods Corp. was up P2.60 to P213. AC Energy Corp. was up P0.12 to P8.15.
