Share prices closed up Tuesday as investors positioned ahead of a slew of reports overseas.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 64.39 points, a 1.05 percent hike to 6,225.
The broader All Shares index was up 22.22 points or 0.67 percent to 3,354.62.
Losers edged gainers 89 to 85 with 53 stocks unchanged. Trading turnover reached P5.63 billion.
The peso closed at 56.75 to the dollar, down from 56.57 on Monday.
The currency opened at 56.70 and hit a high of 56.55 and a low of 56.81. Trading turnover amounted to $1.28 billion.
Most emerging Asian currencies strengthened against the US dollar ahead of key US economic data this week, Reuters reported.
Last week, Fed Chairman Jerome Powell suggested further rate increases may be needed to cool still-too-high inflation, though his promise to move with care at upcoming meetings made for some uncertainty.
Traders are also focused on official purchasing managers’ index data from China for August due later this week, which is still expected to show activity is in the red.
Claire Alviar, analyst at Philstocks Financial Inc., said last-minute buying helped the market to gain grounds significantly.
“Investors took the opportunity to buy around 6,150 support areas, following the sharp decline last week. Moreover, positive cues from Wall Street overnight helped lift the sentiment in Asia, including in the Philippines,” Alviar said.
Foreign funds were net sellers still.
Most actively traded Ayala Land Inc. was up P0.40 to P28.50. SM Investments Corp. was down P12.50 to P812.50. Ayala Corp. was up P17 to P615. BDO Unibank Inc. was up P1.10 to P141.60. International Container Terminal Services Inc. was up P8.80 to P213.60. Bank of the Philippine Islands was up P2.80 to P107.90. Metro Pacific Investments Corp. was up P0.02 to P5.12. SM Prime Holdings Inc. was up P0.70 to P30.30. PLDT Inc. was down P18 to P1,182. GT Capital Holdings Inc. was up P10 to P555.
