Share prices closed higher Tuesday on bargain hunting while tracking overseas leads.
The peso was down.
The Philippine Stock Exchange index was up 91.10 points, a 1.48 percent hike to 6,263.94.
The broader All Shares index was up 36.23 points or 1.09 percent to 3,361.38.
Gainers edged losers 115 to 59 with 53 stocks unchanged. Trading turnover reached P35.16 billion.
The peso closed at 56.955 to the dollar, down from 56.785 on Monday.
The currency opened at 56.85, an intraday high, and hit a low of 56.98. Trading turnover reached $1.06 billion.
Asian currencies fell on Tuesday, with Thailand’s baht and Indonesia’s rupiah leading losses.
The US dollar index touched its highest since November 2022 at 106.1 after hawkish Fed rhetoric and a budget deficit to be financed by borrowing led the 10-year US Treasury yield up more than 45 basis points (bps) in September to top 4.5 percent for the first time since 2007.
“Between the still-strong USD (US dollar) and Asia central banks generally lacking EM (emerging markets) peers in other regions in hiking rates, we find the mix extremely challenging for Asia rates currently,” analysts at DBS said in a note.
Claire Alviar, analyst at Philstocks Financial Inc., said investors continued to buy shares given the undervaluation of the market.
Most actively traded Century Pacific Food Inc. was down P0.40 to P29.30. BDO Unibank Inc. was up P2.80 to P135.80. Ayala Land Inc. was up P1.05 to P29.50. SM Prime Holdings Inc. was up P0.35 to P30.35. Aboitiz Power Corp. was up P0.90 to P33. Bank of the Philippine Islands was up P3 to P110.50. Ayala Corp. was up P11 to P613. Bloomberry Resorts corp. was up P0.22 to P11. SM Investments Corp. was up P10.50 to P838. Jollibee Foods Corp. was up P1 to P227.
