Share prices ended up Tuesday on bargain- hunting.
The Philippine Stock Exchange index (PSEi) rose 202.97 points or by 2.98 percent to 7,019.92.
The broader all shares index was up 55.58 points to 3,694.07, a 1.53 percent hike.
Losers edged gainers 138 to 76 with 36 stocks unchanged. trading turnover reached P9.61 billion.
The peso closed at 51.415 to the dollar, stronger from 52.475 on Monday. The currency opened at 52.495, an intra-day low, hitting a high of 52.33. Trading turnover reached $1.1 billion.
Emerging Asian currencies trod water and stocks fell on Tuesday as COVID-19 cases surged in China, with risk appetite also kept in check by expectations of a US interest rate hike this week, and the Russia-Ukraine crisis, Reuters reported.
Expected to make its first interest rate hike in three years, the US Federal Reserve is widely predicted to increase its policy rate by 25 basis points at a meeting which ends on Wednesday, with traders looking for indications about the pace of future rate hikes.
Regional currencies were largely tepid, though the Taiwan dollar and Thai baht eased alongside the yuan, which hit a more than two-month low.
SB Equities Inc. said the market recovered from a steep intra-day losses at near six-month lows to finish back above the 7,000-mark amid aggressive dip-buying. It helped the PSEi to back a chunk of Monday’s 4.15 percent plunge.
“While rising inflation expectations from steep local fuel price hikes, peso weakness, and expectations of more aggressive Fed tightening saw the index drop as much as 2.6 percent in the morning, value-hunting on oversold blue- chips saw an impressive intraday swing of 5 percent and the PSEi rally to finish on its day high,”SB Equities added.
Most actively traded Ayala Land Inc. was up P1.35 to P35.40. SM Prime Holdings Inc. was up P1.55 to P39. International Container Terminal Services Inc. was up P8 to P220. PLDT Inc. was up P25 to P1,740. SM Investments Corp. was up P31 to P911. BDO Unibank Inc. was up P5.60 to P129.70. Solar Power Nueva Ecija Corp. was down P0.17 to P1.52. Ayala Corp. was up P29.50 to P789. Globe Telecom Inc. was down P110 to P2,240. GT Capital Holdings Inc. was down P2 to P500.
