Share prices ended higher yesterday on bargain hunting.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 37.64 points to 6,470.74, a 0.59 percent.
The broader All Shares index was down 7.18 points or 0.21 percent to 3,471.05.
Losers edged gainers 103 to 90 with 45 stocks unchanged. Trading turnover reached P6.78 billion.
The peso closed at 58.68 to the dollar, down from 58.51 on Friday.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), noted that this was the peso’s lowest close since Nov. 3, 2022, when it closed at 58.80
The currency opened at 58.47 and hit a high of 58.41 and a low of 58.70. Trading turnover reached $1.32 billion.
Asian currencies were broadly steady and stocks gained on Monday as firmer expectations of a US rate cut later this year lifted sentiment, while investors looked ahead to a string of inflation reports from the region this week.
The US personal consumption expenditures (PCE) price index data – the Fed’s preferred inflation measure – increased 0.3 percent in April, data showed on Friday, after gaining at the same pace in March.
Another set of softer US data readings would give markets greater confidence in pricing in more Federal Reserve cuts, said Christopher Wong, a currency strategist at OCBC.
“This in turn should support sentiment in Asian FX while USD trades on the back foot.”
Philstocks Financial Inc., noted that investors continued to bargain hunt as the stock market nears its support at 6,400.
Most actively traded MREIT Inc. was up P0.02 to P12.58. Aboitiz Equity Ventures Inc. was up P1.85 to P36.90. SM Investments Corp. was down P17 to P853. International Container Terminal Services Inc. was down P3.60 to P338. Ayala Land Inc. was up P1.25 to P27.50.
BDO Unibank Inc. was up P8 to P138. Universal Robina Corp. was down P1 to P106. Ayala Corp. was down P0.50 to P594.50. Converge ICT Solutions Inc. was up P0.32 to P11.08.
Metropolitan Bank and Trust Co. was up P3.85 to P65.90.
