Share prices ended up Thursday on bargain- hunting.
The Philippine Stock Exchange index (PSEi) was up 100.41 points to 6,576.62, a 1.56 percent hike.
The broader all shares index was up 43.94 points to 4,074.94, a 1.09 percent hike.
Gainers edged losers 136 to 56 with 52 stocks unchanged. Trading turnover reached P3.69 billion.
The peso closed at 50.135 to the dollar, up from 50.35 on Wednesday.
The currency opened at 50.25 and hit a high of 50.11 and a low of 50.32. Trading turnover reached $948.95 million.
Indonesia’s rupiah firmed 0.2 percent amid expectations the Bank Indonesia (BI) will keep its key interest rate at a record low of 3.50 percent, where it has been since February, Reuters reported.
The rupiah has weakened 2.5 percent over the past six-weeks since the COVID-19 situation in the heavily-populated Indonesia worsened amid slow vaccination and a creaky healthcare system.
Indonesia’s total case load is near 3 million, with daily deaths touching a record high. Officials have extended movement curbs in parts of the country till July 25, hurting economic activity in a number of sectors.
“With the country hard hit by a surge in COVID-19 infections, monetary authorities will likely provide support for as long as possible, although additional rate cuts are likely off the table given the recent pressure on the rupiah,” Nicholas Mapa, a senior ING economist, wrote in a note.
“The central bank may resort to other programs to help jumpstart bank lending such as incentives for loans to particular sectors of the economy,” he added.
The Singapore dollar, South Korea’s won and the Taiwanese dollar gained 0.2 percent against a subdued greenback as risk appetite rebounded with strong earnings lifting Wall Street stocks overnight.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said bargain hunting pushed the market to rebound by 100 points.
“Investors took opportunities out of the market’s preceding four-straight days of decline.
The positive spillover from Wall Street also helped in Thursday’s climb,” he said.
Most actively traded AC Energy Corp. was up P0.22 to P8.22. Ayala Land Inc. was down P0.25 to P34.05. SM Investments Corp. was up P20 to P960. BDO Unibank Inc. was up P3.50 to P107.60. Metropolitan Bank and Trust Co. was up P0.50 to P44.60. LT Group Inc. was down P0.20 to P10.70. SM Prime Holdings Inc. was up P0.50 to P34. Monde Nissin Corp. was up P0.24 to P15.26. Converge Information and Communication Technology Solutions Inc. was down P0.45 to P23.15. Ayala Corp. was steady at P754.
