Share prices ended higher Tuesday on bargain-hunting.
The Philippine Stock Exchange index was up 50.76 points to 6,552.88, a 0.78 percent hike.
The broader all shares index was up 13.55 points to 3,519.83, a 0.39 percent hike.
Losers edged gainers 102 to 98 with 42 stocks unchanged. Trading turnover reached P4.82 billion.
The peso closed at 52.425 to the dollar, up from Monday’s 52.493.
The currency opened at 52.45 and hit a high of 52.41 and a low of 52.48. Trading turnover reached $843.1 million.
The greenback slipped from a two-decade high this week while the sliding yuan stabilized, as investors trimmed bets on whether US interest rate rises will drive further dollar gains, giving Asian currencies some respite.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors continued to hunt for bargains amid global inflation concerns though some investors worried the world economy could ultimately tip into a recession.
“Wall Street will be watching key economic data out Tuesday night including retail sales numbers and industrial production figures in the morning. Back home, money remitted by overseas Filipinos rose by 3.2 percent in March, reflecting improved economic conditions in many host countries as pandemic restrictions eased. Oil jumped yesterday on demand recovery optimism as cases in China have been said to be showing signs of improvement,” he said.
Most actively traded SM Prime Holdings Inc. was up P0.35 to P36.85. BDO Unibank Inc. was up P0.90 to P126.90. Converge ICT Solutions Inc. was up P0.55 to P28.35. Monde Nissin Corp. was up P0.14 to P14.46. International Container Terminal Services Inc. was down P1.80 to P205.80. PLDT Inc. was up P10 to P1,960. Megaworld Corp. was down P0.07 to P2.65. Ayala Land Inc. was up P0.70 to P29.10. Ayala Corp. was up 29 to P682.
Semirara Mining and Power Corp. was up P1.20 to P30.05.
