Share prices and the peso ended up yesterday on recovering investor confidence.
The Philippine Stock Exchange index (PSEi) was up 48.12 points, a 0.79 percent hike to 6,121.53.
The broader All Shares index was up 10.15 points or 0.31 percent to 3,243.27.
The peso closed at 58.43, up from 58.78 on Tuesday.
The currency opened at 58.65 and hit a high of 58.43 and a low of 58.72. Trading turnover reached $845.5 million.
Most Asian currencies rose on Wednesday, as investor confidence improved globally on the possibility the US Federal Reserve could slow down the pace of hikes after softer economic data in the United States, while Chinese yuan pared its losses, Reuters reported.
In the US, consumer confidence for October took a hit, after rising for two consecutive months, signaling the aggressive rate hike path of the Federal Reserve has begun to work its way through the economy and could lead to a shift in narrative.
Globally, markets have priced in another 75-basis-point hike at the US Fed’s Nov. 1-2 meeting, while there are hopes for a lesser rate increase in December.
At 0713 GMT (3:13 p.m. PST), the dollar index, which measures the strength of the greenback against six other major currencies, was at 110.74.
This induced a rally across other Asian currencies, with the South Korean won, Indonesian rupiah and the Malaysian ringgit gaining in the range of 0.2 percent and 0.7 percent
Luis Limlingan, managing director at Regina Capital and Development Corp. , noted that the market continued its ascent on the back of a drop in bond yields overseas.
“Locally, third quarter earnings results so far have either met or exceeded the market’s expectations,” Limlingan said.
Most actively traded International Contairner Terminal Ssrvices Inc. was up P5.80 to P171.70. Ayala Land Inc. was up P0.20 to P26.60. Semirara Mining and Power Corp. was down P4.20 to P37.10. SM Investments Corp. was up P19.50 to 799.50. SM Prime Holdings Inc. was down P0.05 to P32.75. Bank of the Philippines Islands was down P0.10 to P93.25. Ayala Corp. was up P10 to P650. San Miguel Corp. was up P0.45 ti P98.45. Bloomberry Resorts Corp. was steady at P6.50.
