Share prices rose Thursday as investors bet on a rate cut in the latter part of the year.
The peso closed up.
The Philippine Stock Exchange index was up 119.89 points to 6,609.24, a 1.85 percent hike.
The broader All Shares index was up 45.46 points or 1.3 percent to 3,555.68.
Gainers edged losers 117 to 68 with 60 stocks unchanged. Trading turnover reached P6.8 billion.
The peso closed at 58.305 to the dollar, up from 58.32 on Wednesday.
The currency opened at 58.24, an intraday high, and hit a low of 58.34. Trading turnover reached $1.13 billion.
Currencies firmed as the dollar slipped ahead of a US inflation reading due Thursday night, Reuters reported.
Federal Reserve Chair Jerome Powell sent some dovish hints on rate policy overnight and said that “more good data” would build the case for the US central bank to cut interest rates.
Luis Limlingan, managing director at Regina Capital and Development Corp. said the market tracked the US market’s move overnight.
Most actively traded BDO Unibank Inc. was up P2.80 to P143.80. Globe Telecom Inc. was up P50 to P2,150. Robinsons Land Corp. was up P0.06 to P14.24. Ayala Land Inc. was up P0.45 to P29.50. SM Investments Corp. was up P23.50 to P870. International Container Terminal Services Inc. was up P3.60 to P360. Ayala Corp. was up P7 to P580. PLDT Inc. was up P42 to P1,532. SM Prime Holdings Inc. was up P0.60 to P29. Metropolitan Bank and Trust Co. was up P1.10 to P66.45.
