Share prices ended up Wednesday as investors took to bargain hunting.
The Philippine Stock Exchange index was up 125.95 points or by 1.74 percent to 7,352.85.
The broader all shares index was up 60.36 points or by 1.41 percent to 4,35.25.
Gainers edged losers 110 to 74 with 48 stocks unchanged.
Trading turnover reached P9.07 billion.
The peso closed at 50.92 to the dollar, down from 50.765 on Tuesday.
The currency opened at 50.70 hitting, its intraday high and hit a low of 50.92.
Trading turnover reached $930.6 million.
“Philippine stocks rallied to continue their recovery on Wednesday as concerns over the economic impact of the coronavirus outbreak eased,” said SB Equities Inc.
The stockbroker noted the hike was also ahead of the Monetary Board’s first meeting this year today “where they’re expected to cut rates anew.”
“Despite January inflation of 2.9 percent year-on-year coming in at an eight-month high, appetite for stocks at attractive valuations saw the PSEi race out of the gates and trade in the green all session,” it said.
Foreign funds were net buyers of P1.54 billion, cornering 63 percent to the total turnover.
Most actively traded Emperador Inc. was steady at P7.25. SM Investments Corp. was up P16.50 to P1,000. SM Prime Holdings Inc. was up P1 to P41.95. GT Capital Holdings Inc. was up P29 to P715. Jollibee Foods Corp. was down P4.40 to P190.60. Fuitas Holdings Inc. was up P0.24 to P1.94. Metropolitan Bank and Trust Co. was up P3.15 to P59.80. Manila Water Co. Inc. was down P0.16 to P13.62. International Container Terminal Services Inc. was down P0.20 to P127.20.
