Share prices rose yesterday on bargain hunting while the peso ended lower, ahead of today’s policy meeting of the Bangko Sentral ng Pilipinas (BSP).
The Philippine Stock Exchange index was up 14.06 points to 6,313.11, a 0.22 percent hike.
The broader All Shares index was up 9.49 points or 0.28 percent to 3,450.58.
Losers edged gainers 90 to 85 with 69 stocks unchanged. Trading turnover reached P4.91 billion.
The peso closed at 58.86 to the dollar, down from 58.77 on Tuesday. The currency opened at 58.82 and hit a high of 58.77 and a low of 58.88. Trading turnover reached $720.25 million.
Traders are on watch for the result of the BSP’s policy meeting where rates are expected to remain unchanged, according to a Reuters poll.
The US dollar index, which measures the greenback against a basket of major currencies, was trading slightly higher at 105.760 during late Asian trading hours, Reuters reported. Hawkish comments from Fed officials on Tuesday knocked down riskier Asian assets.
A higher US interest rate environment supports the dollar, pressuring emerging market assets.
Investors now await Friday’s personal consumption expenditures price index – the Fed’s preferred measure of inflation – for any change to the rate cut outlook.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said the market moved sideways for most of the session before bargain pulled the index to close green.
“Additionally, foreigners remained as net buyers with net inflows amounting to P60.72 million. However, many are still cautious ahead of the BSP’s policy meeting this Thursday,” he said.
Most actively traded SM Prime Holdings Inc. was steady at P27.15. SM Investments Corp. was down P17 to P809. BDO Unibank Inc. was down P2 to P127. Ayala Land Inc. was up P0.25 to P29. International Container Terminal Services Inc. was up P3.80 to P349.80. Globe Telecom Inc. was up P42 to P2,050. Bank of the Philippine Islands was up P3.90 to P116. PLDT Inc. was up P39 to P1,409. Converge ICT Solutions Inc. was up P0.32 to P10.98. Metropolitan Bank and Trust Co. was down P1.45 to P65.25.
