Share prices jumped Tuesday tracking overseas leads. The peso closed up.
The Philippine Stock Exchange index was up 56.05 points to 6,854.66, a 0.82 percent hike.
The broader All Shares index rose 19.09 points or 0.54 percent to 3,581.70.
Gainers edged losers 106 to 78 with 46 stocks unchanged. Trading turnover reached P4.94 billion.
The peso closed at 56.035 to the dollar, up from 56.07 on Monday.
The currency opened at 56.09 and hit a high of 56.035 and a low of 56.135. Trading turnover reached $1.14 billion.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors regained confidence after a two-day decline.
“The positive sentiment was fueled by rate-cut hopes from the Bangko Sentral ng Pilipinas after Pantheon Economics stated that the central bank may start to cut rates by May. Additionally, investors cheered the recent moves by the People’s Bank of China wherein it held its short-term interest rates unchanged and cut its five-year loan prime rate by 25 basis points,” he said.
Most actively traded International Container Terminal Services Inc. was up P14 to P290. SM Prime Holdings Inc. was down P0.15 to P32.90. Bank of the Philippine Islands was up P1.10 to P117.80. BDO Unibank Inc. was up P1.90 to P155. Universal Robina Corp. was down P2.20 to P112.30. Ayala Corp. was up P6.50 to P710. SM Investments Corp. was up P8 to P908. Ayala Lnd Inc. was up P0.95 to P34.90. Jollibee Foods Corp. was steady at P259. Aboitiz Equity Ventures Inc. was up P0.25 to P45.55.
