Share prices ended higher Tuesday as investors bet the worst is over on the central sank’s series of rate hikes.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was up 232.25 points, a 3.61 percent hike to 6,674.38.
The broader all shares index was up 73.79 points or 2.17 percent to 3,477.72.
Gainers edged losers 100 to 81 with 46 stocks unchanged. Trading turnover reached P6.04 billion.
The peso closed at 55.975 to the dollar, up from 56.02 on Monday.
The currency opened at 56.06 and hit a high of 55.95 and a low of 56.11. Trading turnover reached $776.56 million.
Asian emerging stocks and currencies were trading lower on Tuesday, hit by regional inflation, extended US Federal Reserve rate-hike worries and a firm dollar, Reuters reported.
“Given the elevated inflation, especially rising pressure from core services inflation, we continue to expect the BSP (Bangko Sentral ng Pilipinas) to deliver a 50 basis points hike in its December meeting,” analysts at Goldman Sachs said.
The peso, which has lost about 9 percent so far this year, was flat among broadly lower Asian emerging currencies.
“Investors shrugged concerns that the Fed will need to hike interest rates for longer than previously anticipated with the intended goal of bringing down inflation,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
Claire Alviar, analyst at Philstocks Financial Inc. said investors also cheered China’s reopening.
“Bargain hunting after three consecutive days of decline helped lift the index,” Alviar added.
Most actively traded BDO Unibank Inc. was up P4.60 to P131.60. International Container Terminal Services Inc. was up P4.10 to P188.40. SM Investments Corp. was up P49 to P943. Universal Robina Corp. was up P5.50 to P138. Ayala Land Inc. was up P0.60 to P29.90. Jollibee Foods Corp. was up P10.20 to P246.60. GT Capital Holdings Inc. was up P7.60 to P450.60. PLDT Inc. was up P67 to P1,669. Ayala Corp. was up P36 to P712. AC Energy Corp. was down P0.20 to P7.61.
