Share prices ended higher Thursday on bargain hunting.
The peso also closed up.
The Philippine Stock Exchange index was up 15.32 points, a 0.23 percent hike to 6,622.45.
The broader all shares index was up 9.82 points or 0.28 percent to 3,549.18.
Gainers edged losers 96 to 86 with 58 stocks unchanged. Trading turnover reached P7.07 billion.
The peso closed at 55.01 to the dollar, down from 54.98 on Wednesday.
The currency opened at 54.86 and hit a high of 54.825 and a low of 55.16. Trading turnover reached $1.28 billion.
Asian currencies were broadly lower on Thursday as higher US yields and hawkish comments from Federal Reserve officials rekindled concerns that the central bank will keep raising interest rates, Reuters reported.
“The boost to Asian currencies from China’s PMI (purchasing managers’ index) numbers could be vulnerable to partial reversal given the current uncertainty surrounding the Fed’s policy trajectory,” said Fiona Lim, senior FX strategist at Maybank.
Markets have largely priced in a 25 basis point (bps) increase at the Fed’s March 21-22 meeting, but expectations of a larger 50 bps rise have increased.
“Markets will watch the GDP (gross domestic product) target and the implications of (the) government reshuffle,” said Zhaopeng Xing, senior China strategist at ANZ Research.
Claire Alviar, analyst at Philstocks Financial Inc. said last-minute buying pulled the market to close in the green.
“The narrower NG’s (national government’s) budget deficit in 2022 as the revenues grew faster than the expenditures, helped lift the sentiment at home,” Alviar said.
“However, many investors remained cautious as they are still worried over the elevated inflation. Based on the February inflation forecast of the BSP, inflation may come higher than January’s 8.7 percent. Moreover, S&P Global Philippines Manufacturing PMI was posted at 52.7, lower than January’s 53.5,” she added.
Most actively traded Globe Telecom Inc. was down P1 to P1,807. BDO Unibank Inc. was up P1 to P125. Ayala Land Inc. was steady at P28.85. Bank of the Philippine Isladns was up P0.10 to P104.10. Metropolitan Bank and Trust Co. was down P2.55 to P58.80. SM Investments Corp. was up P1.50 to P890.50. ACEN Corp. was up P0.18 to P6.49. SM Prime Holdings Inc. was up P0.70 to P35.50. Megaworld Corp. was down P0.02 to P1.98. International Container Terminal Services Inc. was up P1.10 to P199.90.
