Share prices closed higher Thursday on bargain hunting. The peso closed down.
The Philippine Stock Exchange index was up 59.22 points, a 0.96 percent hike to 6,208.40.
The broader All Shares index was up 22.50 points or 0.68 percent to 3,353.31.
Gainers and losers were even at 92 with 35 stocks unchanged. Trading turnover reached P3.81 billion.
The peso closed at 56.765 to the dollar, down from 56.72 on Wednesday.
The currency opened at 56.665 and hit a high of 56.65 and a low of 56.78. Trading turnover reached $1.17 billion.
Asian emerging currencies gained ground on Thursday as a falling greenback fuelled risk appetite, while US inflation data created optimism around a rate hike pause from the Federal Reserve.
The US dollar index – measuring the currency against a basket of six developed-market peers, including the euro and yen – edged 0.16 percent lower to 104.56 in the Asian afternoon.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors saw bargain-hunting opportunities after the main index dropped below 6,150 on Wednesday, a significant support level.
“Helping in the climb were expectations the Federal Reserve would keep policy rates unchanged in its next meeting after the US August core inflation rate continued to decline to 4.3 percent from 4.7 percent in the preceding month. At home, many cheered the local banking industry’s non-performing loan ratio for July as it remained steady at 3.43 percent on a month-on-month basis and was lower than the same period of last year’s 3.57 percent despite a high-interest rate environment,” Plopenia said.
Most actively traded BDO Unibank Inc. was down P0.40 to P129.60. SM Prime Holdings Inc. was up P0.40 to P30.20. Bank of the Philippine Islands was up P1.80 to P109.60. SM Investments Corp. was up P11 to P812. Ayala Corp. was up P6 to P627. GT Capital Holdings Corp. was up P8 to P599. Universal Robina Corp. was up P1.90 to P118.90. PLDT iNc. was up P13 to P1,160. JG Summit Holdings Inc. was up P1.50 to P38.40. Manila Electric Co. was down P2.40 to P358.60.
