Share price closed up Tuesday as investors were encouraged by a lower than expected February inflation. The peso closed down.
The Philippine Stock Exchange index was up 34 points, a 0.51 percent hike to 6,705.12.
The broader all shares index was up 17.15 points or 0.48 percent to 3,590.21.
Gainers edged losers 102 to 84 with 48 stocks unchanged. Trading turnover reached P5.5 billion.
The peso closed at 55 to the dollar, down from 54.88 on Monday.
The currency opened at 55.03 and hit a high of 54.99 and a low of 55.15. Trading turnover reached $896.8 million.
Most Asian currencies slipped on Tuesday, led by the Indonesian rupiah and Thailand’s baht, as investors pulled back from risky assets ahead of Federal Reserve Chair Jerome Powell’s testimony that could throw light on the size of future rate hikes.
Losses in emerging Asian currencies were limited due to a slightly softer greenback. The US dollar index, which measures it against six major rivals, slipped after shedding 0.26 percent overnight.
In the Philippines, annual inflation eased for the first time in six months in February, owing to lower transport and food prices.
However, an interest rate hike at the central bank’s March 23 meeting looks almost certain, as inflation still remains above its target range of 2 percent to 4 percent.
Clair Alviar, analyst at Philstocks Financial Inc., said investors cheered the better than expected inflation.
“The easing of inflation lessen the probability of a 50 bps rate hike by the Bangko Sentral ng Pilipinas, however, this figure remains high,” Alviar said.
“Investors also wanna see in the coming months if the inflation will continue to ease,” she added.
Most actively traded BDO Unibank Inc. was up P0.50 to P127.50. Universal Robina Corp. was up P9.90. Globe Telecom Inc. was down P24 to P1,850. ACEN Corp. was steady at P6.70. Ayala Land Inc. was down P0.35 to P28.30. Ayala Land Inc. was down P0.35 to P28.30. SM Investments Corp. was down P6 to P880. Bank of the Philippine Islands was up P2.70 to P108.50. International Container Terminal Services Inc. was up P1 to P208. Ayala Corp. was down P5 to P645. Megaworld Corp. was up P0.06 to P2.11.
