Share prices closed up Tuesday on bargain hunting. The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 16.69 points, a 0.27 percent hike to 6,241.69.
The broader All Shares index was up 8.11 points or 0.24 percent to 3,368.25.
Losers edged gainers 95 to 91 with 40 stocks unchanged. Trading turnover reached P3.84 billion.
The peso closed at 56.94, down from 56.8 on Monday.
The currency opened at 56.90 and hit a high of 56.80 and a low of 57.93. Trading turnover reached $1.35 billion.
Investors will look out for commentary from Federal Reserve officials before the next policy meeting on September 19 and 20, after Fed Governor Christopher Waller signalled that the latest economic data allows for the consideration of further hikes in US interest rates.
Markets expect the Fed to hold rates steady when it meets later this month, but have been split over the outlook moving forward.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market “still managed to eke out modest gains despite rising oil prices after Saudi Arabia and Russia extended their voluntary supply cuts.”
“Oil prices and yields climbing can raise concerns about how the Fed will move interest rates going forward,” he said.
Most actively Century Pacific Food Inc. was up P0.45 to P29.10. BDO UnibankInc. was down P0.90 to P137.70. Ayala Corp. was down P8 to P620. Bank of the Philippine Islands was up P0.80 to P105. GT Capital Holdings Inc. was steady at P575. SM Prime Holdings Inc. was up P0.05 to P29.80. Bloomberry Resorts Corp. was up P0.32 to P11.36. PLDT Inc. was down P1 to P1,201. Universal Robina Corp. was down P1 to P116.90. Ayala Land Inc. was down P0.25 to 28.35.
