Share prices closed mixed Tuesday on market consolidation and on news overnight of easing concerns over distressed US regional banks.
The peso closed down.
The Philippine Stock Exchange index was up 8.12 points, a 0.12 percent hike to 6,603.15.
The broader all shares index was up 5.79 points or 0.16 percent to 3,519.86.
Losers edge gainers 95 to 78 with 41 stocks unchanged. Trading turnover reached P5.34 billion.
The peso closed at 54.45 to the dollar, down from 54.29 on Monday.
The currency opened at 54.25, an intraday high and hita low of 54.50. Trading turnover reached $1.64 billion.
“The upbeat sentiment across Asian markets is mainly attributed to the stabilization of the US and European banking industry, said Glenn Yin, head of research and analysis at AETOS Capital Group.
The peso was on track to snap its three-day winning streak, falling 0.5 percent.
“The key driver behind this (the peso’s fall) is actually on the other side of the coin — a stabilizing outlook benefits the US central bank in terms of continuing its hiking path as well as a higher expected future terminal rate,” said Yin.
Globally, markets rose after US authorities backed a deal for First Citizens BancShares to buy Silicon Valley Bank’s assets, soothing wider worries about the sector sparked by the largest bank collapse since the 2008 financial crisis.
“Philippine shares reclaimed its position above 6600 as traders digested a few positive news reports, including First Citizens BancShares’ agreement to buy large parts of Silicon Valley Bank,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
“Locally, investors are awaiting the release of the local banking data and window dressing before the quarter ends,” Limlingan added.
Most actively traded SM Prime Holdings Inc.w as down P0.10 to P33.85. SP Energy Corp. was up P0.06 to P1.74. SM Investments Corp. was down P2.50 to P915.50. International Container Terminal Services Inc. was up P4.20 to P214.20. Ayala Corp. was up P0.50 to P665.50. BDO Unibank Inc. was down P1 to P125.50. PLDT Inc. was up P37 to P1368.
Manila electric Co. was up P8.40 to P306.40. Bank of the Philippine Islands was down P8.40 to P306.40.
