The Philippine Stock Exchange index (PSEi) was up 52.81points, a .86 percent hike to 6,26.24.
The broader all shares index was up 19.72 points or 0.61 percent to 3,277.01.
Gainers edged losers 15 to 74 with 47 stocks unchanged. Trading turnover reached P6.29 billion.
The peso closed at 58.47 to the dollar, down from 57.97 on Friday.
The currency opened at 58.05 to the dollar, and hit a high of 58.02 and a low of 58.49. Trading turnover reached $844.15 million.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso corrected higher after declining for four straight trading days. However, it is still among its lowest closing in more than a month since Sept. 21, 2022, when it closed at 58.
The appreciation was also due to the US dollar also correcting against the basket of global currencies as the market await the US Fed’s rate hike decision Wednesday overnight, expected to raise rates by another 75 basis points.
“Nonetheless, the peso exchange rate remains relatively stable for the 6th straight week already below the 59 record high/psychological mark,” Ricafort said.
Most Asian currencies steadied on Wednesday after the greenback fell for a second straight day.
Luis Limlingan, managing director at Regina Capital and Development Corp., said equities investors are also making bets ahead on the US Fed’s latest policy decision.
Most actively traded BDO Unibank Inc. was up P1.90 to P129.20. Ayala Land Inc. was up P1.70 to P27.20. International Container Terminal Services Inc. was down P10.50 to P162.50. SM Investments Corp. was up P23 to P843. Ayala Corp. was down P11 to P656. Bank of the Philippine Islands was down P2 to P94. Semirara Mining and Power Corp. was down P1.15 to P33.80. SM Prime Holdings Inc. was up P0.80 to P32.30. Globe Telecom Inc. was down P92 to P2,230. Jollibee Foods Corp. was down P5.20 to P226.80.
