Share prices ended higher on Tuesday, tracking overseas leads.
The peso was up.
The Philippine Stock Exchange index (PSEi) was up 82.07 points, a 1.32 percent hike to 6,280.90.
The broader All Shares index was up 31.48 points or 0.94 percent to 3,391.38.
Gainers edged losers 110 to 78 with 45 stocks unchanged. Trading turnover reached P5.69 billion.
The peso closed at 56.746 to the dollar, up from 56.78 on Monday.
The currency opened at 56.70 and hit a high of 56.67 and a low of 56.78. Trading turnover reached $1.11 billion.
Most emerging Asian currencies steadied on Tuesday after dovish comments from a senior US central bank official, while investors watched for any risk of the Israel-Hamas war leading to a wider conflict.
Interest-rate jitters eased globally after Philadelphia Federal Reserve President Patrick Harker said on Monday the US central bank should not create new pressures in the economy by increasing the borrowing cost.
Market participants were keenly awaiting more speeches by central bankers this week, including Fed Chair Jerome Powell, to gauge the outlook for monetary policy.
The dollar index, which measures the US currency against six rivals, inched 0.056 percent higher to 106.32 after dropping 0.36 percent on Monday.
Investors were also awaiting gross domestic product, retail sales, industrial production, and other data from China, Southeast Asia’s largest trading partner, on Wednesday for further direction.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. said the market closed at a near two-week high after the latest gains in the US market overnight.
“Market sentiment largely improved, including in the local stock market, after US President Biden considering a trip to Israel, amid other diplomatic efforts, as part of efforts to prevent the Israel-Hamas war from spreading/escalating in the Middle East region,” Ricafort said.
He said the next support levels are at 6,040 then at the psychological 6,000-mark.
Most actively traded BDO Unibank Inc. was up P0.10 to P135.30. International Container Terminal Services Inc. was up P6 to P215. Puregold Price Club Inc. was up P0.40 to P29.60.
Ayala Land Inc. was up P0.45 to 29.30. SM Investments Corp. was up P15 to P817. SM Prime Holdings Inc. was up P0.95 to P31.85. Universal Robina Corp. was up P1.10 to P114.90. Semirara Mining and Power Corp. was down P0.70 to P35.1. Dito CME Holdigs Inc. was down P0.05 to P3.60. Converge ICT Solutions Inc. was up P0.41 to P10.24.
