Share prices ended higher yesterday tracking overseas leads. The peso closed up.
The Philippine Stock Exchange index was up 9.10 points, a 0.15 percent hike to 6,263.06.
The broader All Shares index was down 1.04 points or 0.03 percent to 3,383.41.
Gainers edged losers 89 to 86 with 49 stocks unchanged. Trading turnover reached P3.21 billion.
The peso closed at 56.66 to the dollar, up from 56.744 on Wednesday.
The currency opened at 56.70 and hit a high of 56.66 and a low of 56.80. Trading turnover reached $1.25 billion.
Most Asian currencies edged higher on Thursday, as minutes of the US Federal Reserve’s last policy meeting indicated rates may have peaked, although caution prevailed ahead of key inflation data that may offer further rate clues.
Minutes of the Fed’s last policy meeting showed that uncertainty around the path of the US economy pushed policymakers into adopting a cautious stance last month. That was backed by recent dovish comments from Fed officials, suggesting US rates may have peaked.
Investors are now awaiting the US inflation data for September, due at 1230 GMT, to see if the Fed’s interest rate campaign has had the desired effect on the economy and for further clues on the monetary policy trajectory.
“We think price pressures could bump up a little bit for core inflation and that’s likely to keep the dollar supported and Asian currencies somewhere on the back foot going to the November meeting,” Wei Liang Chang, macro strategist (FX and credit) at DBS Bank said.
Market participants kept a wary eye on developments in the Middle East conflict and its implications for the global economy.
Oil prices retreated on easing supply concerns and larger-than-expected crude and gasoline stockbuild in the US, providing some relief to Asian countries, which are net importers of the commodity.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said the market took its cue from Wall Street overnight “amid the decline of the US’ long-term treasury yields.”
“The bourse also joined the climb of its regional peers. The trading session opened in the red before going green for the rest of the day. Heavy selling at the last minute trimmed gains before the session’s close as investors took caution ahead of the release of the US’ September inflation figures,” he said.
Most actively traded International Container Terminal Services Inc. was up P1.20 to P203.20. BDO Unibank Inc. was down P0.50 to P135.50. Ayala Land Inc. was up P0.65 to P29.30. SM Prime Holdings Inc. was up P0.10 to P31.20. Wilcon Depot Inc. was down P0.60 to P21.40. Ayala Corp. was up P1 to P616.50. Semirara Mining and Power Corp. was down P0.05 to P35.95. Bank of the Philippine Islands was down P0.40 to P108. Jollibee Foods Corp. was up P1.60 to P222.20. Universal Robina Corp. was up P0.60 to P115.60.
