Share prices rose Tuesday tracking overseas leads. The peso closed up.
The Philippine Stock Exchange index increased 62.72 points to 6,505.80, a 0.97 percent hike.
The broader All Shares index rose 21.19 points or 0.62 percent to 3,446.90.
Gainers edged losers 102 to 73 with 51 stocks unchanged. Trading turnover reached P5.11 billion.
The peso closed at 57.51 to the dollar, up from 57.54 on Monday.
The currency opened at 57.50 and hit a high of 57.39 and a low of 57.51. Trading turnover reached $1.18 billion.
Asian currencies were largely subdued still pressured by a strong US dollar as markets have scaled back rate-cut expectations, Reuters reported.
A hotter-than-anticipated US inflation data last week led to markets scaling back expectations for rate cuts by the Federal Reserve.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors took positive cues from Wall Street’s close overnight.
“Investors cheered Iran’s statement that it will not further escalate its conflict with Israel as it lifted worries over higher oil prices. At home, the statement from NEDA (National Economic and Development Authority) undersecretary Rosemarie Edillon saying that an uptick in inflation for April is unlikely as the country is already in the harvest season also boosted sentiment,” he said.
Most actively traded International Container Terminal Services Inc. was up P3 to P328.
Bank of the Philippine Islands was up P4 to P125. BDO Unibank Inc. was down P3.20 to P143.60. SM Prime Holdings Inc. was up P0.30 to P28.20. Ayala Corp. was steady at P581.
Metopolitan Bank and Trust Co. was up P1 to P70. Ayala Land Inc. was up P0.45 to P27.95.
SM Investments Corp. was up P8 to P943. Jollibee Foods Corp. was up P5.80 to P222.80.
Universal Robina Corp. was up P2.10 to P92.
