Share prices rose on Monday on bargain hunting. The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 129.04 points to 6,742.89, a 1.95 percent hike.
The broader All Shares index was up 50.52 points or 0.135 percent to 3,789.60.
Gainers edged losers 109 to 80 with 55 stocks unchanged. Trading turnover reached P4.65 billion.
The peso closed at 58.655 down from 58.62 on Friday.
The currency opened at 58.68 and hit a high of 58.62 and a low of 58.82. Trading turnover reached $1.36 billion.
Asian currencies and equities have been under pressure over the last month amid concerns about the impact of Trump’s return to the White House and his pledges of tariffs on key trading partners, including China.
Krung Thai Bank’s Panichpibool forecast Asian currencies to end 2024 on a higher note, but anticipated possible weakness if Trump implements tariffs and other policies, which he expects to occur in the second quarter of 2025.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market “started the last month of the year on a strong note.”
“Investors begin to look ahead at 2025,” he said.
Philstocks Financial Inc. said investors took to bargain hunting after four days of decline.
Most actively traded Bank of the Philippine Islands was down P0.20 to P128.40. International Container Terminal Services Inc. was up P20 to P390. BDO Unibank Inc. was up P0.70 to P155.20. Universal Robina Corp. was down P1.65 to P77.30. DigiPlus Interactive Corp. was up P1.25 to P23.05. Ayala Land Inc. was up P0.40 to P29. SM Investments Corp. was up P43 to P918. SM Prime Holdings Inc. was up P0.20 to P26.60. PLDT Inc. was up P45 to P1,342. Ayala Corp. was up P26 to P638.
