Share prices ended higher yesterday on late-session buying.
The Philippine Stock Exchange index (PSEi) was up 10.33 points to 7,163.21, a 0.14 percent hike.
The broader all shares index was up 8.95 points to 3,797.54, a 0.24 percent hike.
Gainers edged losers 96 to 83 with 56 stocks unchanged. Trading turnover reached P3.87 billion.
The peso closed at 51.38 to the dollar, up from Friday’s 51.67.
The currency opened at 51.60, an intraday low, and hit a high of 51.31. Trading turnover reached $1.21 billion.
Michael Ricafort, chief economist at Rizal Commercial and Banking Corp. said the peso continued to appreciate against the US dollar to its strongest in more than a month, since March 1, 2022, after the recent downward correction in global oil prices that could somewhat help ease inflationary pressures, a day ahead of the release of the latest inflation data.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said late- day buying sent the market up Monday.
“Helping in Monday’s climb is the anticipated decline in fuel prices which in turn tempers inflation expectations. Confidence towards our economy’s recovery supported by the S&P Global Philippines Manufacturing PMI for March with a reading of 53.2, also gave sentiment a boost,” he said.
“Trading was anemic,however,” he added.
Most actively traded Converge ICT Solutions Inc. was down P1.05 to P28.95. Ayala Land Inc. was up P0.35 to P35.30. AC Energy Corp. was up P0.16 to P8.86. International Container Terminal Services Inc. was down P1.80 to P224.80. SM Investments Corp. was down P8 to P890. Globe Telecom Inc. was down P22 to P2,498. Ayala Corp. was down P10 to P808. SM Prime Holdings Inc was up P0.25 to P38.15. Bank of the Philippine Islands was up P0.10 to P99. Semirara Mining and Power Corp. was down P0.30 to P30.35.
