Share prices rose Monday on bargain hunting.
The peso closed down.
The Philippine Stock Exchange index was up 64.09 points to 6,682.78, a 0.97 percent hike.
The broader All Shares index was up 24.55 points or 0.7 percent to 3,548.70.
Gainers edged losers 122 to 72 with 42 stocks unchanged. Trading turnover reached P5.8 billion.
The peso closed at 57.90 to the dollar, down from 57.62 on Friday.
The currency opened at 57.68, an intraday high, and hit a low of 57.90. Trading volume amounted to $1.76 billion.
Most currencies were steady, as the latest measures from China to rescue its beleaguered property sector and prospects, Reuters reported.
Markets are wagering at least two rate cuts from the Federal Reserve this year after data last week showed US consumer prices eased in April, but several Fed officials have sounded words of caution on when easing might happen.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors opted to hunt for bargains “as the equities market gears up for another eventful week ahead. “
“The minutes from the May FOMC (Federal Open Market Committee) meeting will also be released on Wednesday. There are several speaking engagements from Fed officials this week, including remarks from Vice Chair for Supervision Barr, Vice Chair Jefferson, Governor Waller, and Presidents Bostic, Mester, Barkin, Williams, Collins, and Goolsbee.
Here at home, it is a relatively less data heavy with the April budget balance, to be released on May 24, as the sole economic data being awaited by investors,” Limlingan said.
Most actively traded Ayala Land Inc. was up P0.30 to P29.70. BDO Unibank Inc. was up P1.30 to P140. International Container Terminal Services Inc. was up P5.40 to P339.40.
Globe Telecom Inc. was up P20 to P2020. SM Investments Corp. was steady at P875. SM Prime Holdings Inc. was steady at P29.20. PLDT Inc. was up P7 to P1,463. Aboitiz Equity Ventures Inc. was steady at P37.35. Converge ICT Solutions Inc. was up P0.26 to P10. Ayala Corp. was up P1.50 to P621.50.
