Share prices rose as investors tracked overseas leads to trade the market.
The peso closed down.
The Philippine Stock Exchange index closed up 20.97 points to 6,728.22, a 0.31 percent hike.
The broader All Shares index was up 8.32 points or 0.24 percent to 3,525.14.
Losers edged gainers 101 to 81 with 52 stocks unchanged. Trading turnover reached P5.26 billion.
The peso closed at 56.29 to the dollar, down from 55.92 on Friday. The currency opened at 56.10, an intraday high and hit a low of 56.315. Trading turnover reached $1.08 billion.
Traders are now pricing in just a 20 percent chance the US Fed could begin easing rates in March, according to the CME FedWatch tool.
Inflation data from the Philippines, Taiwan and China will also be on investors’ radar this week.
Concerns over China’s economy and markets will continue to remain in limelight, as the country’s securities regulator pledged to prevent abnormal market fluctuations after the stock market plunged to five-year lows.
Claire Alviar, analyst at Philstocks Financial Inc., said investors’ eyes are now on the scheduled release of the January inflation rate which they expect “would slow down compared to the prior month as well as to the same month in 2023.”
“Moreover, the performance of the US markets last Friday amid the good earnings report helped in lifting the market,” Alviar said.
Most actively traded International Container Terminal Services Inc. was up P780 to P255.80. BDO Unibank Inc. was up P0.10 to P148.60. Bank of the Philippine Islands was down P1.10 to P115. SM Prime Holdings Inc. was up P0.30 to P33.90. GT Capital Holdings Inc. was up P25.50 to P683. Metropolitan Bank and Trust Co. was up P0.65 to P57.70. SM Investments Corp. was down P14 to P900. Ayala Corp. was down P1 to P671. Monde Nissin Corp. was up P0.12 to P9.54. Century Pacific Food Inc. was up P1.10 to P35.20.
