Shares, peso close up

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Share prices closed higher yesterday  tracking overseas leads.

The peso was up.

The Philippine Stock Exchange index rose 88.76 points, a 1.48 percent hike to 6,078.03.

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The broader All Shares index went up 29.10 points or 0.89 percent to 3,292.15.

Gainers narrowly edged losers 87 to 86 with 51 stocks unchanged. Trading turnover reached P4.02 billion.

The peso closed at 55.91 to the dollar, up from 56.10 on Friday.

The currency opened at 55.80, and hit a high of 55.73 and a low of 55.93. Trading turnover amounted to $1.15 billion.

Major Asian currencies surged on Monday as the dollar declined and markets priced in early interest rate cuts in the United States and Europe, with investors waiting for key economic data from major countries in the region.

The dollar index which fell more than 1 percent last week to a six-week low, was trading little unchanged at 105.

The recent dollar slide, along with bets that local central banks would keep rates higher for some time, are making Emerging Asian currencies potentially interesting to foreign investors.

Claire Alviar, analyst at Philstocks Financial Inc., said the market closed up due to the strong  manufacturing PMI data and a drop in US long-term treasury yields.

“Moreover, upcoming economic data releases including but not limited to inflation rate and GDP growth rate, which are both expected to be better than the previous report helped lift the market,” Alviar said.

Most actively traded SM Investments Corp. was up P28.50 to P833.50. BDO Unibank Inc. was up P2 to P130. Jollibee Foods Corp. was down P1.40 to P207.60. SM Prime Holdings Inc. was up P0.60 to P31. Ayala Land Inc. was up P0.75 to P28.10. Bank of the Philippine Islands was up P0.95 to P100. Manila Electric Co. was down P3 to P352. International Container Terminal Services Inc. was up p4 to P209. Universal Robina Corp. was up P1.20 to P111.30. Ayala Corp. was up P8.50 to P624.50.

 

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