Share prices ended higher Monday as investors bet on a slower US rate hike. The peso also edged up.
The Philippine Stock Exchange index was up 93.94 points, a 1.35 percent hike to 7,045.48.
The broader all shares index was up 37.53 points or 1.03 percent to 3,675.15.
Gainers edged losers 138 to 65 with 46 stocks unchanged. Trading turnover reached P10.23 billion.
The peso closed at 54.575 to the dollar, up from 54.89 on Friday.
The currency opened at 54.90, an intraday low, and hit a high of 54.475. Trading turnover reached $1.27 billion.
This is the peso’s near seven-month low since it closed at 54.47 on June 22, 2022, said Michael Ricafort, chief economist at Rizal Commercial Banking Corp.
Most emerging Asian currencies and equities climbed on Monday as investors have seized on hints that easing US inflation may give the Federal Reserve a leeway to scale back the size of its future interest rate hikes, Reuters reported.
Clair Alviar, analyst at Philstocks Financial Inc. said investors bought up the market on expectations the Federal Reserve will be less aggressive in its rate hikes as the US recently reported a slowing inflation as expected.
“The strengthening of the peso against the US dollar lifted the market as well,” she said.
Most actively traded BDO Unibank Inc. was up P6.50 to P125.50. SM Investments Corp. was up P39 to P947. International Container Terminal Services Inc. was up P2 to P210.
Bank of the Philippine Islands was up P2.40 to P112.40. Ayala Land Inc. was up P0.60 to P31.60. GT Capital Holdings Inc. was up P17 to P481. Ayala Corp. was up P29 to P768.
Jollibee Foods Corp. was up P3 to P248. SM Prime Holdings Inc. was down P37.75. Aboitiz Power Corp. was up P1.30 to P39.30
