Share prices ended up Tuesday as investors lauded the slower inflation in August.
The peso was down.
The Philippine Stock Exchange index (PSEi) was up 33.56 points, a 0.5 percent hike to 6,709.60.
The broader All Shares index was up 9.24 points or 0.26 percent to 3,550.95.
Gainers edged losers 95 to 89 with 50 stocks unchanged. Trading turnover reached P4.69 billion.
The peso closed at 57 to the dollar, down from 56.999 on Monday.
The currency opened at 56.888, hitting a high of 56.68 and a lost of 57. Trading turnover reached $812.19 million.
Other currencies in the region also strengthened after the US dollar paused a broad rally, Reuters reported.
Gains in Asian currencies could be short-lived as sentiment towards the dollar remained bullish on continued recession fears in Europe and as US interest rates are poised for a sharp rise.
Analysts at ING opined that Asian currencies also remained undermined by weakness in the Chinese yuan.
Mikhail Plopenio, analyst at Philstocks Financial Inc., said investors were encouraged by a slower inflation in August at 6.4 percent.
“The improved oil prices also contributed to the positive sentiment,” he said.
“However, downside risks including the peso’s depreciation and the Federal Reserve’s hawkish outlook kept many investors at the sidelines. As a result, trading remained tepid with net value turnover posting P4.52 billion, still below the year-to-date average of P6.25 billion,” he added.
Most actively traded Ayala Land Inc. was up P0.90 to P29.90. San Miguel Corp. was down P1.25 to P98. International Container Terminal Services Inc. was down P1 go P182. SM Investments Corp. was up P7 to P877. Globe Telecom Inc. was down P16 to P2,168. SM Prime Holdings Inc. was up P0.10 to P36.15. Emperador Inc. was up P0.60 to P53.50. Metropolitan Bank and Trust Co. was up P0.60 to P53.50. Bank of the Philippine Islands was up P0.45 to P97.40. AbaCore Capital Holdings Inc. was up P0.09 to P2.58.
