Share prices closed up Wednesday despite an overnight surprise that saw Wall Street tumble.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 26.61 points to 6,854.53, a 0.39 percent hike.
The broader All Shares index was up 11.35 points or 0.32 percent to 3,588.23.
Gainers edged losers 90 to 89 with 47 stocks unchanged. Trading turnover reached P4.71 billion.
The peso closed at 56.10 to the dollar, down from 55.94.
The currency opened at 56.18 and hit a high of 56.08 and a low of 56.333. Trading turnover reached $1.34 billion.
The Bangko Sentral ng Pilipinas (BSP) set to announce its interest rate decision today. Economists expect the bank to stay on hold and to deliver a rate cut in the third quarter of 2024, according to a Reuters poll.
Claire Alviar, analyst at Philstocks Financial Inc., said the market bucked the trend in Asia as investors awaited the decision and outlook of the BSP.
“Earlier, the market briefly dipped into the red territory as the US inflation rate came in hotter-than-expected, which heightened the possibility that the Federal Reserve might not cut interest rates as early as investors’ had hoped. On the other hand, unlike the unexpected inflation rate spike in the US, the Philippines’ inflation rate was easing and still within expectation, leading investors to look forward to the meeting of the BSP,” Alviar said.
Most actively traded International Container Terminal Services Inc. was down P2 to P270. BDO Unibank Inc. was up P0.20 to P152.60. Universal Robina Corp. was up P4.20 to P115.90. Ayala Corp. was down P12 to P708. Jollibee Foods Corp. was down P3 to P255. Ayala Land Inc. was up P0.05 to P34.90. Monde Nissin Corp. was steady at P10.36. Bank of the Philippine Islands was up P1 to P114.50. SM Prime Holdings Inc. was up P0.20 to P34.20. SM Investments Corp. was up P12 to P915.
