Share prices ended higher Thursday on bargain hunting while the peso slipped back to 59 to the dollar.
The Philippine Stock Exchange index was up 42.01 points, a 0.72 percent hike to 5,895.64.
The broader all shares index was up 9.17 points or 0.29 percent to 3,164.75.
Losers edged gainers 101 to 71 with 41 stocks unchanged. Trading turnover reached P3.65 billion.
The peso closed at 59 to the dollar, down from 58.965 on Wednesday.
The currency opened at 58.90 and hit a high of 58.85 and a low of 59. Trading turnover reached $524.08 million.
Asian currencies were broadly flat on Thursday, as traders remained cautious ahead of a much-awaited US inflation data for cues on further rate hikes after overnight minutes of the September Federal Reserve meeting came in largely as expected, Reuters reported.
Luis Limlingan, managing director at Regina Capital and Development Corp. said shares were bought up as investors digested the minutes from the September Fed meeting and many looking ahead into the release of the inflation data on Thursday.
“The Fed meeting minutes showed that it would keep hiking interest rates until it sees receding inflation,” he said.
Limlingan said investors expect inflation in the US to hit 8.1 percent in September.
Most actively traded Ayala Land Inc. was up P0.10 to P22.80. Converge ICT Solutions Inc. was up P0.04 to P12.52. BDO Unibank Inc. was up P2 to P178. Universal Robina Corp. was down P1.10 to P108.10. PLDT Inc. was up P18 to P1,438. Ayala Corp. was down P13 to P597. Jollibee Foods Corp. was down P1.40 to P231.60. SM Prime Holdings Inc. was up P0.20 to P0.20 to P31.40. SM Investments Corp. was up P24.50 to P788.50.
