Share prices ended flat Wednesday on last-minute buying.
The Philippine Stock Exchange index (PSEi) was up P0.49 to P7,009.43, a 0.007 percent hike.
The broader all shares index was up 8.96 points or 0.24 percent to 3,724.75.
Gainers edged losers 91 to 85 with 48 stocks unchanged. Trading turnover reached P5.89 billion.
The peso closed at 52.39 to the dollar, up from 52.44 on Tuesday.
The currency opened at 52.42, an intraday low, and hit a high of 52.33. Trading turnover reached $1.01 billion.
“Continued recovery in global equities is likely positive for risk-sensitive South Korean won, while some signs of stabilization in oil prices could be translating to modestly reduced drags on the Thai baht and the Philippine peso,” Maybank analysts said.
Overnight, oil prices edged lower on a reduced likelihood of the European Union banning Russian oil, providing some relief to oil importing countries. However, prices resumed their upward trend on Wednesday after data showed US crude stocks fell last week.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said a last-minute buying helped the PSEi to erase intraday losses.
“The bourse was in the red territory for the most part of the day as uncertainties over the Russia-Ukraine conflict and the aggressively hawkish outlook of the Federal Reserve dampened sentiment,” he said.
Most actively traded SM Investments Corp. was down P15 to P867. SM Prime Holdings Inc. was down P0.15 to P38.90. Ayala Land Inc. was up P0.40 to P35.35. Universal Robina Corp. was up P3.80 to P111.90. International Container Terminal Services Inc. was down P7.40 to P220.40. Converge ICT Solutions Inc. was up P1.50 to P26.80. PLDT Inc. was up P53 to P1,785. AC Energy Corp. was up P0.06 to P8.03. Jollibee Foods Corp. was up P5.40 to P210.40. BDO Unibank Inc. was down P0.40 to P130. – Ruelle Castro
