Share prices ended up Monday tracking overseas leads.
The Philippine Stock Exchange index (PSEi) was up 26.82 points or 0.42 percent to 6,388.64.
The broader all shares index was up 11.02 points or by 0.32 percent to 3,421.78.
Losers edged gainers 101 to 82, and 45 stocks unchanged. Trading turnover reached P3.75 billion.
The peso closed at 55.797 to the dollar, up from 55.92 on Friday.
The currency opened at 55.85, an intraday high and hit a low of 56.035. Trading turnover reached $84.6 million.
Asian currencies began the week under slight pressure due to investors concerns about the outlook for the global economy ahead of key data due to be released by the United States and China this week, Reuters reported.
The greenback remained perched near a 20-year peak, as the a hawkish US Federal Reserve and possibility of a global recession has persuaded many investors to switch to the safety of US bonds.
Adding to worries in the region are flare-ups in COVID-19 cases in China. Multiple cities are enforcing fresh curbs, ranging from business suspensions to lockdowns, to stifle new clusters.
Bangko Central ng Pilipinas governor Felipe Medalla said it is prepared to raise its policy rates by 50 basis points at its meeting in August, and follow up with further policy actions to control inflation and counter currency depreciation.
Luis Limlingan, managing director at Regina Capital and Development Corp. (RCDC), noted the market started off in the green, tracking the positive start of Asia and the futures market, following the release of a stronger-than-expected jobs report.
“For this week, investors will take cues from a cluster inflation report and the start of the second quarter earnings season,” he said.
Most actively traded Ayala Land Inc. was down P0.45 to P25.45. Solar Power Nueva Ecija Corp. was down P0.04 to P1.71. Metropolitan Bank and Trust Co. was down P0.30 to P49.4.
Globe Telecom Inc. was down P18 to P2,276. BDO Unibank Inc. was up P1 to P119.80. SM Prime Holdings Inc. was up P0.55 to P37.45. SM Investments Corp. was down P1 to P838.
PLDT Inc. was up P19 to P1,709. Converge ICT Solutions Inc. was down P0.40 to P21.40. Alliance Global Inc. was up P0.39 to P10.
