Share prices rose Tuesday, tracking overseas leads.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was up 20.10 points to 6,827.92, a 0.3 percent hike.
The broader All Shares index was up 10.82 points or 0.3 percent to 3,576.88.
Gainers edged losers 109 to 79 with 55 stocks unchanged. Trading turnover reached P4.95 billion.
The peso closed at 55.94 to the dollar, up from 55.98 on Monday.
The currency opened at 56 and hita high of 55.905 and a low of 56.05. Trading turnover reached $1.26 billion.
The market focus is on January’s US inflation report due later in the day, which will likely provide further clarity on how soon, and by how much, the Fed could cut rates this year.
In the Philippines, the Bangko Sentral ng Pilipinas (BSP) is set to meet on Thursday to review its monetary policy.
Annual inflation in the Philippines accelerated at its slowest pace in more than three years in January, in line with the regional trend of slowing inflation, making a case for central banks to consider start interest rate cuts sooner.
Markets in China were still closed for the Lunar New Year holidays and are due to resume trade on Monday, February 19.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors were also encouraged by the 27.8 percent uptick in foreign direct investment net inflow as of November last yera to $1.08 billion, the highest in two years.
“However, gains were tempered as many anticipate the US’ inflation for January which can provide clues on the Federal Reserve’s next steps concerning policy rates,” he said.
Most actively traded International Container Terminal Services Inc. was down P2 to P272.
Bank of the Philippine Islands was down P1.10 to P113.50. Converge ICT Solutions Inc. was up P0.42 to P10.12. Ayala Corp. was up P5 to P720. SM Prime Holdings Inc. was steady at P34. GT Capital Holdings Inc. was up P5 to P700. BDO Unibank Inc. was up P1.60 to P152.40. Globe Telecom Inc. was up P9 to P1739. Ayala Land Inc. was up P0.30 to P34.85. Manila Electric Co. was down P4.40 to P355.60.
