Share prices rose yesterday as investors followed-through on buying after the Bangko Sentral ng Pilipinas’ (BSP) decision to cut rates last week.
The peso closed up.
The Philippine Stock Exchange index was up 42.50 points to 6,889.87, a 0.62 percent hike.
The broader All Shares index was up 15.03 points to 3,706.45.
Losers edged gainers 104 to 94 with 54 stocks unchanged. Trading turnover reached P7.62 billion.
The peso closed at 56.64 to the dollar, up from 57.245 on Friday. The currency opened at 57.05 and hita high of 56.63 and a low of 57.05. Trading turnover reached $1.61 billion.
Most emerging Asian currencies advanced as the dollar weakened, Globally, the Jackson Hole symposium slated later this week will be a major focus for investors with Fed Chair Jerome Powell likely to address concerns on the economy and the Fed’s rate trajectory.
At 0640 GMT, the dollar index fell 0.4 percent to 102.07.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said investors continued to draw optimism from the BSP recent policy rate cut as well as the prospect of further monetary policy easing moving forward.
“The positive spillovers from Wall Street’s performance last Friday driven by growing confidence on the US economy also helped in today’s session,”Tantiangco said.
Most actively traded Ayala Land Inc. was up P1.20 to P34.30. International Container Terminal Services Inc. was up P1 to P396. BDO Unibank Inc. was up P5.30 to P147.
Metropolitan Bank and Trust Co. was up P0.05 to P70.05. ACEN Corp. was down P0.05 to P70.05. Universal Robina Corp. was up P0.70 to P94.10. DigiPlus Interactive Corp. was down P0.95 to P19.30. Jollibee Foods Corp. was down P4.20 to P248. SM Investments Corp. was down P5.50 to P925. SM Prime Holdings Inc. was up P0.15 to P30.65.
