Share prices ended up Wednesday amid continuing improvement in the economy and declining cases of the new coronavirus disease 2019 (COVID-19).
The Philippine Stock Exchange index was up 78.71 points to 7,184.72, a 1.11 percent hike.
The broader all shares index was up 31.05 points to 4,433.09, a 0.7 percent hike.
Gainers edged losers 104 to 99 with 46 stocks unchanged. Trading turnover reached P7.52 billion.
The peso closed at 50.57, down from Tuesday’s 50.39.
The currency opened at 50.50 and hit a high of 50.45 and a low of 50.59. Trading turnover reached $941.7 million.
Asian currencies slipped on Wednesday ahead of the US Federal Reserve’s expected commentary on unwinding its pandemic-era policy support, while Thailand’s baht weakened on a bleak economic growth forecast for the year, Reuters reported.
“Markets are largely in wait-and-see mode ahead of the US Fed meeting,” Mizuho analysts wrote.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market’s uptick was on the back of the sustained expansion in the manufacturing sector last October “as shown in the IHS Markit Philippines’ Manufacturing PMI with a reading of 51.0.”
“This gave positive sentiment a boost,” he said.
Tantiangco also said the continued decline in the COVID-19 cases, the lifting of curfew in the National Capital Region, and the growing calls for the downgrade of the said region’s alert level also helped in Wednesday’s rally.
Most actively traded Bank of the Philippine Islands was up P3 to P91. AllDay Mart Inc. was up P0.30 to P0.90. Ayala Corp. was up P10 to P870. MREIT Inc. was up P0.12 to P18.30. LT Group Inc. was up P0.14 to P10.32. Universal Robina Corp. was up P0.30 to P132.30. AC Energy Corp. was down P0.04 to P12.20. Jollibee Foods Corp. was up P3 to P232. Aboitiz Power Corp. was up P1.55 to P34. SM Prime Holdings Inc. was up P1.20 to P34.70.
