Share prices rose Wednesday on bargain hunting after Monday’s huge scare.
The peso closed up.
The Philippine Stock Exchange index was up 101.93 points to 6,535.17, a 1.58 percent hike.
The broader All Shares index was up 43 points or 1.22 percent to 3,563.94.
Gainers edged losers 98 to 81 with 54 stocks unchanged. Trading turnover reached P4.91 billion.
The peso closed at 57.515 to the dollar, up from 57.81 on Tuesday.
The currency opened at 57.70 and hit a high of 57.495 and a low of 57.85. Trading turnover reached $1.76 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said this is the peso’s best performance against the dollar since May 16, when closed at 57.465. The unravelling of the yen carry traded, coupled with a softer-than-expected US jobs report last week, lukewarm tech earnings and fears of a US recession sparked a global selloff earlier this week with investors dumping riskier assets and moving to safe havens, Reuters reported.
Most Asian currencies were on the back foot as the dollar firmed to move further away from the seven-month low it touched on Monday.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the “furious comeback” of the stock market was in the backdrop of investors starting to “make bets ahead of the GDP (Gross Domestic Product) release (today).”
Most actively traded Philippine Seven Corp. was up P3.15 to P72.50. International Container Terminal Services inc. was up P4 to P352. BDO Unibank Inc. was down P1.90 to P138.10. Universal Robina Corp. was up P0.80 to P98.90. Ayala Land Inc. was up P1.45 to P30. Bank of the Philippine Islands was up P3.40 to P119.80. Globe Telecom Inc. was up P52 to P2,230. Ayala Corp. was up P10.50 to P599. PLDT Inc. was up P58 to P1,550. SM Investments Corp. was up P10 to P890.
