Share prices ended Tuesday tracking overseas leads.
The peso also closed up after posting its best day since June 27.
The Philippine Stock Exchange index (PSEi) was up 18.92 points, a 0.3 percent hike to 6,398.64.
The broader All Shares index was up 10.87 points or 0.32 percent to 3,429.87.
Gainers edged losers 96 to 87 with 41 stocks unchanged. Trade turnover reached P2.99 billion.
The peso closed at 55.25 to the dollar, up from 55.69 on Monday.
The currency opened at 55.58 and hit a high of 55.23 and a low of 55.63. Trading turnover reached $1.26 billion.
The dollar index lost ground, trading at its lowest since mid-May after Fed officials signalled that while additional rate increases were needed to bring down inflation, the end of the central bank’s tightening cycle was getting close.
Further cues on the rate outlook will come on Wednesday when US inflation data will show if price pressures are continuing to moderate.
China’s central bank extended some policies to shore up the property sector, with existing supports failing to gain traction and the market expecting more stimulus soon.
Claire Alviar, analyst at Philstocks Financial Inc. , attributed the local bourse’s uptick to the US market’s overnight uptick.
“The market sentiment was further boosted by the rise in PEZA (Philippine Economic Zone Authority) approved projects during the first half of 2023, compared to the same period last year,” she said.
Most actively traded Ayala Land Inc. was up P0.45 to P24.70. Bank of the Philippine Islands was up P0.40 to P109. SM Investments Corp. was up P2.50 to P910.50. BDO Unibank Inc. was up P0.40 to P136. Jollibee Foods Corp. was steady at P236. Universal Robina Corp. was down P3.30 to P134. Metro Pacific Investments Corp. was down P0.01 to P4.91. Ayala Corp. was up P1.50 to P603.50. International Container Terminal Services Inc. was down P0.20 to P200.20. SM Prime Holdings Inc. was up P0.45 to P32.25.
