Share prices ended higher Thursday on bargain hunting while the peso continued to recover.
The Philippine Stock Exchange index (PSEi) was up 54.57 points, a 0.93 percent hike to 5,934.25.
The broader all shares index was up 25.24 points or 0.8 percent to 3,190.88.
Gainers edged losers 121 to 76 with 42 stocks unchanged. Trading turnover reached P5.19 billion.
The peso closed at 58.97 to the dollar from 58.98 on Wednesday.
The currency opened at 58.87 and hit a high of 58.75 and a low of 59. Trading turnover reached $902.86 million.
Most emerging Asian currencies weakened against a stronger US dollar on Thursday
Equities in Southeast Asia were broadly higher.
Claire Alviar, analyst at Philstocks Financial Inc., said investors took to bargain hunting after five straight days of pulling the stock market up.
“Positive cues from the US markets overnight also helped lift the bourse. However, the market failed to return above the 6,000 psychological level,” she said.
Alviar noted that with the turnover just at P5 billion, it signals that the rally is weak with low market participation.
Most actively traded International Container Terminal Services Inc. was down P7.20 to P174.30. SM Investments Corp. was up P27 to P760. Ayala Land Inc. was up P0.05 to P23.10. BDO Unibank Inc. was up P2.90 to P23.10. SM Prime Holdings Inc. was down P0.20 to P31.90. Bank of the Philippine Island was down P0.30 to P90. Jollibee Foods Corp. was up P5.60 to P234. Globe Telecom Inc. was down P26 to P2,084. Metro Pacific Investments Corp. was up P0.10 to P3.45. Converge ICST Solutions INc. was down P0.74 to P14.16.
