Share prices ended higher on bargain hunting.
The peso also closed up.
The Philippine Stock Exchange index (PSEi) was up 74.18 points, a 1.17 percent hike to 6,410.09.
The broader All Shares index was up 25.54 points or 0.75 percent to 3,426.41.
Gainers edged losers 92 to 89 with 45 stocks unchanged. Trading turnover reached P3.86 billion.
The peso closed at 56.515, up from 56.84.
The currency opened at 56.80 and hit a high of 56.515 and a low of 56.91. Trading turnover reached $1.02 billion.
The Thai baht and South Korean won led declines among emerging Asian currencies on Wednesday, as expectations of higher-for-longer interest rates in the US firmed, while investors still assessed disappointing Chinese economic data, Reuters reported.
ClaireThe baht declined as much as 0.4 percent to its lowest level since June 30, and the won weakened as much as 0.8 percent to a three-month low. Alviar, analyst at Philstocks Financial Inc., said bargain hunting helped the market to close up.
“The sentiment received an added boost from the first half’s 2.9 percent growth in cash remittances, even though its slightly missed the government’s target of 3 percent growth for the year,” she said.
Most actively traded Ayala Land Inc. was up P0.35 to P30. International Container Terminal Services Inc. was up P6.20 to P212. Bank of the Philippine Islands was down P1.60 to P113. SM Prime Holdings Inc. was up P0.30 to P30.40. BDO Unibank Inc. was up P1 to P143. Jollibee Foods Corp. was up P4.60 to P250.80. PLDT Inc. was down P26 to P1,234. Monde Nissin Corp. was down P0.14 to P6.71. Ayala Corp. was down P0.50 to P599.50. SM Investments Corp. was up P26 to P886.
