Share prices ended up Tuesday on continued bargain-hunting while the peso continued to slide.
The Philippine Stock Exchange index (PSEi) was up 126.37 points or 2.04 percent to 6,309.99. The broader all shares index was up 50.24 points or 1.5 percent to 3,398.70.
Gainers edged losers 119 to 71 with 46 stocks unchanged.
The peso closed at 55.23, down from Monday’s 55.08.
The currency opened at 55 and hit a high of 54.98 and a low of 55.25. Trading turnover reached $1.28550 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said the peso closed weaker for the second day, it weakest close in nearly 17 years or since October 25, 2022, when it closed at 55.26.
The main influence for the drop was the reported June inflation of 6.1 percent, a new 3.5-year high.
“The latest movement in the local currency market partly brought about some slight upward correction/pick up in US Treasury yields and in global crude oil prices,” he said.
“The baht and peso are certainly off the lows as above-forecast core inflation may spur the central bank in Thailand to hike rates, and surging inflation numbers in the Philippines have also solidified expectations for more interest rate hikes,” said Mitul Kotecha, senior EM strategist with TD Securities.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market continued to be bought up as June inflation was still within expectation.
Most actively traded Ayala Land Inc. was up P0.70 to P26.40. Semirara Mining and Power Corp. was up P0.90 to P37.10. Converge ICT Solutions Inc. was down P1.10 to P20.
Universal Robina Corp. was up P3.50 to P114. BDO Unibank Inc. was up P3.20 to P118.70.
AC Energy Corp. was up P0.33 to P8.40. SM Prime Holdings Inc. was up P1.45 to P37.50.
SM Investments Corp. was down P8 to P792. Monde Nissin Inc. was up P0.70 to P13.90.
International Container Terminal Services Inc. was up P2.20 to P186.
