Share prices rose Wednesday, tracking overseas leads.
The peso also closed up.
The Philippine Stock Exchange index was up 60.25 points, a 0.99 percent hike to 6,171.13.
The broader All Shares index was up 21.44 points or 0.65 percent to 3,307.72.
Gainers and losers were even at 84 with 47 stocks unchanged. Trading turnover reached P4.52 billion.
The peso closed at 55.825 to the dollar, up from 56.06 on Tuesday.
The currency opened at 55.78 and hit a high of 55.70 and a low of 55.865. Trading turnover reached $1.48 billion.
Asian emerging market assets advanced across the board on Wednesday following a surprisingly soft US inflation reading and positive data from China.
Market participants were on the lookout for a monetary policy decision from the Philippines today, where the Bangko Sentral ng Pilipinas (BSP) is expected to keep its key interest rate unchanged, according to a Reuters poll of economists.
Claire Alviar, analyst at Philstocks Financial Inc., said the market managed to bounce back after three consecutive days of decline.
Alviar said the better- than-expected inflation print in the US provided “hope among investors that the Federal Reserve might halt its interest rate hikes.”
“At home, investors were still waiting for the BSP meeting,” she said.
Most actively traded SM Investments Corp. was up P14 to P839. BDI Unibank Inc. was up P1 to P130.50. Ayala Land Inc. was up P0.20 to P29.50. SM Prime Holdings Inc. was up P0.75 to P31.70. International Container Terminal Services Inc. was up P5.40 to P208.80.
Bank of the Philippine Islands was steady at P104. Universal Robina Corp. was up P0.20 to P111.40. Ayala Corp. was up P11 to P631. GT Capital Holdings Inc. was up P16 to 564.
Jollibee Foods Corp. was down P1 to P217.
