Share prices ended higher Wednesday on easing inflation.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was up 84.77 point, a 1.31 percent hike to 6,564.7.
The broader All Shares index was up 26.18 points or 0.76 percent to 3,495.65.
Gainers edged losers 97 to 79 with 44 stocks unchanged. Trading turnover reached P4.14 billion.
The peso closed at 56.098 to the dollar, up from 56.22 on Tuesday.
The currency opened at 56.1, hitting a high of 55.99 and a low of 56.185. Trading turnover reached $841.55 million.
Asian emerging currencies traded without much direction on Wednesday as the US dollar wobbled on retreating expectations of a US Federal Reserve rate hike next week, while the Turkish lira depreciated more than 6 percent to a record low level against the dollar, Reuters reported.
Claire Alviar, analyst at Phistocks Financial Inc., said investors cheered the slower inflation rate in May.
“This data, coupled with the anticipation that the Bangko Sentral ng Pilipinas might pause hiking interest rates on their upcoming meeting, brought optimism among market participants,” Alviar said.
Most actively traded BDO Unibank Inc. was up P2.10 to P137.40. Bank of the Philippine Islands was up P1.90 to P103.90. SM Prime Holdings Inc. was up P0.20 to P33.70. Ayala Land Inc. was up P0.40 to P26.30. Ayala Corp. was up P19 to P674. International Container Terminal Services Inc. was up P1 to P202. SM Investments Corp. was up P20 to P925. PLDT Inc. was up P30 to P1,259. Universal Robina Corp. was up P2.40 to P146.40. Metropolitan Bank and Trust Co. was down P0.15 to P56.70.
