Share prices ended higher Thursday tracking overseas leads.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was up 20.35 points, a 0.33 percent hike to 6,191.48.
The broader All Share index was up 6.77 points or 0.2 percent to 3,314.49.
Gainers edged losers 88 to 81 with 48 stocks unchanged. Trading turnover reached P3.9 billion.
The peso closed at 55.79 to the dollar, up from 55.825 on Wednesday.
The currency opened at 55.90 and hit a high of 55.75 and a low of 55.935. Trading turnover reached $1.28 billion.
Focus turned to the Philippines ahead of a monetary policy meeting later in the day. Traders in the Philippines were looking out for the monetary policy decision from the Bangko Sentral ng Pilipinas.
Eugenia Victorino, head of Asia strategy at Skandinaviska Enskilda Banken, said beyond the impact of oil prices, the Philippines is facing the risk of higher food prices and adjustments in the transport costs.
The US dollar was last trading at 104.560 against a basket of other currencies while the US Treasury yields rebounded from a two month-low overnight, dragging on riskier Asian currencies.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors took cues from Wall Street’s overnight performance.
“Also, the anticipated pause in the BSP monetary tightening, which eventually materialized after Thursday’s session in its policy meeting, added a boost to market sentiment. Last-minute buying aided the market’s uptick wherein the market closed at its intraday high,” Plopenio said.
Most actively traded BDO Unibank Inc. was down P1.10 to P129.40. International Container Terminal Services Inc. was up P2.20 to P211. Universal Robina Corp. was down P2.40 to P109. Jollibee Foods Corp. was up P8 to P225. GT Capital Holdings Inc. was up P6 to P570. SM Investments Corp. was up P3.50 to P842.50. Ayala Land Inc. was up P0.30 to P29.80. Bank of the Philippine Islands was up P2.70 to P106.70. Emperador Inc. was up P0.05 to P20.80. SM Prime Holdings Inc. was down P0.05 to P31.65.
