Share prices ended higher Monday as tracking overseas leads.
Analysts said earnings releases potentially set the tone for the equities market this week.
The Philippine Stock Exchange index was up 1.19 percent or 73.52 points to 6,268.78.
The broader all shares index was up 0.73 percent or 24.33 points to 3,370.06.
Losers edged gainers 91 to 89 with 55 stocks unchanged. Trading turnover reached P4.24 billion.
The peso closed at 56.35 to the dollar, up from 56.36 on Friday.
The currency opened at 56.30 and hita high of 56.27 and a low of 56.39. Trading turnover reached $561.75 million.
Asian currencies and equities firmed on Monday, as investors dialled back bets of a bigger interest rate hike by the US central bank this month, Reuters reported.
Major Wall Street indeces rallied on Friday after two Federal Reserve officials indicated the central bank would raise interest rates by 75 basis points at its July 26-27 meeting rather than a full percentage point hike.
A combination of aggressive Fed interest rate hikes and wobbling economies in Europe and China helped the greenback scale a two-decade high this year.Markets continued to monitor the economic situation in China, where COVID-19 flare-ups and a deep slump in its property market have cast a cloud over its growth.
Luis Limlingan, managing director at Regina Capital and Development Corp. said the market tracked the positive sentiment in the US, following its hike over the weekend.
Limlingan said the US market ended several days of sell-offs with a rebound fueled by upbeat earnings, strong economic data, and easing fears of a larger-than-expected interest rate hike by the Federal Reserve.
“For this week, earnings releases could potentially set the tone for the equities market,” he said.
Ayala Land Inc. was up P2.30 to P24.85. SM Investments Corp. was up P6 to P781. Ayala Corp. was up P24 to P599.50. International Container Terminal Service Inc. was down P1.40 to P178. Nickel Asia Corp. was down P0.08 to P5.01. SM Prime Holdings Inc. was up P0.45 to P37.45. BDO Unibank Inc. was up P0.30 to P121. Converge ICT Solutions Inc. was steady at P20.25. Universal Robina Corp. was u P1.40 to P114.80. Semirara Mining and Power Corp. was down P0.15 to P37.95.
