Share prices rose Wednesday, tracking overseas leads.
The peso closed down.
The Philippine Stock Exchange index was up 69.95 points to 6,572.75, a 1.01 percent hike.
The broader All Shares index was up 16.56 points or 0.48 percent to 3,463.46.
Gainers edged losers 111 to 99 with 52 stocks unchanged. Trading turnover reached P6.07 billion.
The peso closed at 57.55 to the dollar, down from 57.51 on Tuesday. The currency opened at 57.40 and hit a high of 57.31 and a low of 57.575. Trading turnover reached $1.38 billion.
Asian emerging market currencies rose on Wednesday on the back of a weaker dollar, Reuters reported.
The US dollar softened as data showed US business activity cooling in April to a four-month low, while rates of inflation eased slightly, suggesting some leeway for the Federal Reserve on the interest rates front.
Globally, market participants are awaiting later this week US first-quarter gross domestic product data on Thursday and personal consumption price expenditures index, the Fed’s preferred measure of inflation, on Friday, to further assess the rate outlook.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market is now nearing the 6,600 level as investors applauded the “so far, so good” earnings results of US-listed companies.
“Across the region, investors breathed a collective sigh of relief following Iran’s statement that it will not further escalate its conflict with Israel,” Limlingan said.
Most actively traded Ayala Land Inc. as up P0.50 to P28.45. International Container Terminal Services Inc. was up P2 to P330. BDO Unibank inc. was up P0.50 to P144.10.
Bank of the Philippine Islands was down P1 to P124. Jollibee Foods Corp. was up P9.20 to P232. Metropolitan Bank and Trust Co. was steady at P70. SM Investments Corp. was up P4 to P947. SM Prime Holdings Inc. was up P0.40 to P28.60. Manila Water Co. Inc. was up P0.95 to P24.20. ABS-CBN Corp. was down P0.02 to P3.43.
