Share prices ended higher Monday tracking overseas leads.
The Philippine Stock Exchange index (PSEi) was up 34.12 points to 7,036.38, a 0.49 percent hike.
The broader all shares index was up 20.64 points to 4,315.61, a 0.48 percent hike.
Gainers edged losers 110 to 98 with 51 stocks unchanged. Trading turnover reached P4.31 billion.
The peso closed at 49.24 to the dollar, down from 49.177 on Friday.
The currency opened at 49.10, an intraday high and hit a low of 49.325. Trading turnover reached $1.07 billion.
The Fed’s surprising hawkish tilt last month spooked Asian markets with the prospect that the central bank’s unwinding of bond-buying program and sooner-than-expected rate hikes could lead to outflows from emerging markets, Reuters reported.
Local currencies firmed in response, with the Indonesian rupiah, South Korean won and Taiwan’s dollar firming 0.3 percent to 0.6 percent.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market’s rise was influenced by the June jobs report in the US, which showed an “accelerating recovery for the US labor market.”
“Other markets reacted positively as well, on the back of a weakening dollar and prospects for Federal Reserve tightening,” Limlingan said.
Most actively traded Monde Nissin Corp. was down P0.12 to P16.88. BDO Unibank Inc. was down P1.10 to P114.30. International Container Terminal Services Inc. was down P1.30 to P164. SM Investments Corp. was up P2 to P1,020. Globe Telecom Inc. was up P35 to P1,920. Jollibee Foods Corp. was up P3.80 to P216.80. SM Prime Holdings Inc. was up P0.30 to P37.30. Metro Pacific Investments Corp. was down P0.01 to P3.92. DMCI Holdings Inc. was up P0.15 to P6.85. Boulevard Holdings Inc. was down P0.002 to P0.136.
