Share prices closed higher Thursday amid continued bargain hunting.
The peso edged up.
The Philippine Stock Exchange index (PSEi) was up 42.83 points, a 0.64 percent hike to 6,761.33.
The broader all shares index rose 13.38 points or 0.38 percent to 3,550.45.
Gainers edged losers 93 to 84 with 53 stocks unchanged. Trading turnover reached P6.89 billion.
The peso closed at 55.75 to the dollar, up from 55.91 on Wednesday.
The currency opened at 55.92 and hit a high of 55.75 and a low of 56.025. Trading turnover reached $1.06 billion.
The Bangko Sentral ng Pilipinas said it was ready to take further policy action to tackle inflation, which hit a 14-year high in December, data showed on Thursday.
“It seems the market is anticipating a stronger-than-expected 4Q GDP print … outweighing the fact that more rate hikes may be needed in the coming months to help rein in inflation,” said Carlo Asuncion, a chief economist at the Union Bank of the Philippines.
Luis Limlingan, managing director at Regina Capital and Development Corp. said the market continued to trek higher without any breaks so far this year, as investors looked past the FOMC meeting minutes that showed the Fed would remain aggressive in its policy to tame high inflation.
Most actively traded BDO Unibank Inc. was up P2.50 to P114. PLDT Inc. was down P24 to P1,424. Bloomberry Resorts Corp. was up P0.37 to P8.86. SM Investments Corp. was down P6 to P915. International Container Terminal Services Inc. was up P1.20 to P198.70.
Universal Robina Corp. was up P5.20 to P139.30. GT Capital Holdings Inc. was up P5 to P448. Ayala Corp. was up P3.50 to P690.50. Globe Telecom Inc. was down P54 to P2,164.
Converge ICT Solutions Inc. was up P0.60 to P17.40.
