Share prices closed higher yesterday on bargain hunting, tracking leads from overseas.
The peso was down.
The Philippine Stock Exchange index (PSEi) was up 46.15 points, a 0.75 percent hike to 6,225.78.
The broader All Shares index was up 17.94 points or 0.54 percent to 3,357.57.
Gainers edged losers 102 to 60 with 47 stocks unchanged. Trading turnover reached P3.31 billion.
The peso closed at 56.76 to the dollar, down from 56.73 on Wednesday.
The currency opened at 56.58 and hit a high of 56.57 and a low of 56.83. Trading turnover reached $1.13 billion.
Asia’s emerging market currencies strengthened on Thursday, boosted by a retreat in US bond yields after indicators signalled slowing inflation, clouding the interest rate outlook for the world’s largest economy, Reuters reported.
Soft manufacturing surveys had fanned hopes that central banks globally may be done tightening, however that may change depending on what clues Federal Reserve Chairman Jerome Powell gives about interest rates at the annual central bank summit in Jackson Hole on Friday.
Juan Paolo Colet, managing director at China Bank Capital Corp., said the market finally traded higher after four straight sessions in negative territory.
“The index tracked the positive performance of US and Asian markets, with sentiment lifted by easing US treasury yields and indications of softening US private sector business activity,” he said.
Most actively traded BDO Unibank Inc. was up P4.80 to P142.80. Ayala Land Inc. was steady at P28.25. International Container Terminal Services Inc. was steady at P205. Bank of the Philippine Islands was steady at P108.20. SM Prime Holdings Inc. was up P0.25 to P30.35. Ayala Corp. was up P2 to P595. Metropolitan Bank and Trust Co. was up P0.25 to P54.70. Jollibee Foods Corp. was up P2 to P243. Bloomberry Resorts Corp. was down P0.04 to P11.10. ACEN Corp. was up P0.02 to P5.07.
