Bargain-hunting continued to push the stock market to recover lost ground.
The Philippine Stock Exchange index (PSEi) was up 135.02 points or 2.14 percent to 6,445.01.
The broader all shares index was up 44.20 points or 1.3 percent to 3,442.90.
Gainers edged losers 114 to 71 with 47 stocks unchanged. Trading turnover reached P5.32 billion.
The peso closed at 55.67 to the dollar, down from 55.23.
The currency opened at 55.42, an intraday high and hit a low of 55.72. Trading turnover reached $1.24 billion.
Most emerging Asian currencies dropped on Wednesday as turbulence hit-investors shunned riskier assets on renewed recession worries, though
The Bangko Sentral ng Pilipinas may raise interest rates by an additional 100 basis points this year, its governor said yesterday, after data on Tuesday showed annual inflation hit a near four-year high in June.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market broke past the 6,400 mark in the backdrop of falling bond yields, “giving a boost to growth stocks, and ahead of a slew of economic reports.”
“The market moves also came on the back of the public’s recession worries after the benchmark 10-year US Treasury yield fell below the 2-year yield. The so-called yield curve inversion has historically been a warning sign that the economy may be falling or has already fallen into recession,” he said.
Most actively traded Universal Robina Corp. was up P4.20 to P118.20. Ayala Land Inc. was up P0.50 to P26.90. SM Investments Corp. was up P47 to P839. SM Prime Holdings Inc. was up P0.25 to P37.75. BDO Unibank Inc. was up P0.80 to P119.50. PLDT Inc. was down P17 to P1,758. Ayala Corp. was up P30 to P650. Semirara Mining and Power Corp. was down P0.78 to P36.35. JG Summit Holdings Inc. was up P1.25 to P52.50. Converge ICT Solutions Inc. was up P0.05 to P20.95.
