Share prices rose yesterday as investors continued to pick up stocks amid an intra-day correction.
The peso closed higher.
The Philippine Stock Exchange index was up 29.01 points to 7,343.24, a 0.4 percent hike.
The broader All Shares index was up 18.93 points or 0.47 percent to 4,036.20.
Losers edged gainers 99 to 90 with 55 stocks unchanged. Trading turnover reached P4.13 billion.
The peso closed at 58.225, up from 58.32 on Friday.
The currency opened at 58.40 and hit a high of 58.225 and a low of 58.43.
Trading turnover reached $1.33 billion.
The dollar was headed for its sharpest monthly rise in around 2-1/2 years on the back of rising US yields.
Solid economic data leading to prospects of the Fed not cutting as far and big as investors had earlier anticipated has diminished the yield appeal of some emerging market currencies.
Markets now price almost no chance of a 50-basis point cut by the Fed at its November meeting, down from a nearly 50 percent chance priced in a month ago, according to CME’s FedWatch tool.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market went up on investors cherry-picking following an intraday correction “as more earnings continue to trickle in, while investors get ready for another trading week ahead.”
Most actively traded Bank of the Philippine Islands was up P1.40 to P147.40. BDO Unibank Inc. was up P0.30 to P160. International Container Terminal Services Inc. was up P1 to P160. GT Capital Holdings Inc. was up P13.50 to P728. SM Investments Corp. was up P1 to P964. Semirara Mining and Power Corp. was down P1.50 to P32.15. SM Prime Holdings Inc. was up P0.30 to P30.90. Ayala Land Inc. was down P0.20 to P34.60. Ayala Corp. was steady at P720. Universal Robina Corp. was up P1.50 to P101.
