Share prices ended higher Tuesday as investors took to bargain hunting after a recent huge market drop.
The Philippine Stock Exchange index (PSEi) was up 147.97 points to 6,522.58, a 2.35 percent hike.
The broader all shares index was up 74.6 points to 4,039.75, a 1.88 percent hike.
Gainers edged losers 155 to 43 with 29 stocks unchanged. Trading turnover reached P4.3 billion.
The peso closed at 50.42 to the dollar, down from 50.35 on Monday.
The currency opened at 50.27, hit a high of 50.265 and a low of 50.425. Trading turnover reached $842.13 million.
Luis Limlingan, managing director at Regina Capital and Development Corp. said investors “finally became bargain hunters after the Philippines hit oversold territory amid the start of earnings season and the Federal Reserve policy meeting.”
“All eyes will be on how the second quarter affected local companies, but for now the Federal Reserve meeting will also come into focus,” he said.
Most actively traded Ayala Corp. was up P20 to P740. Ayala Land Inc. was up P1.35 to 33.85. International Container Terminal Services Inc. was up P8.90 to P163. SM Investments Corp. was up P11 to P956. BDO Unibank Inc. was up P4.10 to P106.40. SM Prime Holdings Inc. was up P1.35 to P33.95. Bank of the Philippine Islands was up P0.40 to P84.20.
