Share price rose Monday while the peso closed lower as investors gear up for a data-filled week.
Investors will be watching the developments in the policy meeting of the Bangko Sentral ng Pilipinas (BSP) on Wednesday.
Analysts expect the BSP to deliver a 25-basis-point reduction to support economic growth, according to a Reuters poll.
The BSP started its easing cycle in August, and data indicating slower annual inflation in September has given the central bank room to cut rates further.
The Philippine Stock Exchange index was up 16.09 points to 7,326.41, a 0.22 percent hike.
The broader All Shares index was up 9.56 points or 0.24 percent to 4,024.72.
Gainers edged losers 128 to 73 with 54 stocks unchanged. Trading turnover reached P3.88 billion.
The peso closed at 57.47 to the dollar, down from 57.205 on Friday.
The currency opened at 57.28 and hit a high of 57.26 and a low of 57.50. Trading turnover reached $780.38 million.
Currencies lost momentum on Monday as investors assessed China’s underwhelming stimulus steps, while focus was on monetary policy decisions by central banks in Indonesia, Thailand and the Philippines later this week.
China said on Saturday it will “significantly increase” debt to revive its sputtering economy, but left investors guessing on the overall size of the stimulus package.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the local market “made minor gains as investors gear up for another week of fresh economic data and events that will drive price action movement.”
Most actively traded BDO Unibank Inc. was up P02.10 to P158.60. International Container Terminal Services Inc. was down P5.80 to P402. Ayala Land Inc. was up P0.65 to P36. SM Investments Corp. was down P6 to P959. Ayala Corp. was down P2 to P720. Jollibee Foods Corp. was up P1 to P275. JG Summit Holdings Inc. was steady at P26.40. SM Prime Holdings Inc. was down P0.10 to P140. Metropolitan Bank and Trust Co. was down P0.10 to P78.40. Bank of the Philippine Islands was up P1.40 to P140.