Share prices closed higher Thursday tracking overseas leads.
The peso closed lower. The Philippine Stock Exchange index was up 52.77 points to 6,659.99, a 0.8 percent hike.
The broader All Shares index rose 13.34 points or 0.38 percent to 3,537.29. Losers edged gainers 100 to 94 with 37 stocks unchanged. Trading turnover reached P6.36 billion. The peso closed at 58.13 to the dollar, down from 58.06 on Wednesday.
The currency opened at 58.15 and hit a high of 58.13 and a low of 58.30. Trading turnover reached $1.26 billion.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors hunted for bargains after a two-day decline.
“The net inflow of foreign funds amounting to P248.74 million aided the bourse as well. However, ongoing economic headwinds such as the peso’s depreciation and the Federal Reserve’s hawkishness kept many on the sidelines,” he said.
Emerging Asian currencies retreated after hawkish Federal Reserve minutes prompted investors to push back bets of rate cuts this year.
Market participants were also cautious as China’s military started two days of “punishment” drills held in five areas around Taiwan just days after new Taiwan President Lai Ching-te took office.
Fed officials at their April 30-May 1 session indicated they still had faith that price pressures would ease, if only slowly, but the meeting minutes also reflected discussion of possible tightening.
Most actively traded BDO Unibank Bank Inc. was up P0.50 to P136.50. International Container Terminal Services Inc. was down P2.80 to P351.20. SM Investments Corp. was up P28 to P895. Ayala Land Inc. was up P0.55 to P29.40. Bank of the Philippine Islands was down P0.90 to P124. Globe Telecom Inc. was up P17 to P2,006. Semirara Mining and Power Corp. was up P0.80 to P33.80. PLDT Inc. was down P20 to P1,400. Jollibee Foods Corp. was down P0.40 to P229.
