Share prices ended higher yesterday on bargain hunting.
The peso closed up.
The Philippine Stock Exchange index was up 110.74 points, a 1.77 percent hike to 6,374.68.
The broader All Shares was up 51.50 points or 1.53 percent to 3,412.88.
Gainers edged losers 118 to 74 with 42 stocks unchanged. Trading turnover reached P6.73 billion.
The peso closed at 56.95 to the dollar, up from 56.955.
The currency opened at 56.90 and hit a high of 56.87 and a low of 56.98. Trading turnover reached $1.34 billion.
Most Asian currencies fell on Wednesday, with Thailand’s baht and the Malaysian ringgit losing the most, as strength in the greenback continued to prevail after hawkish Federal Reserve rhetoric led US Treasury yields to scale multi-year highs.
The US dollar index last stood at 106.20, having peaked at a 10-month high of 106.26 on Tuesday.
Claire Alviar, analyst at Philstocks Financial Inc., said the market closed up on bargain hunting “amid optimism towards the fourth quarter.”
“The market increased despite the possibility of an off-cycle interest rate increase and the likelihood of a prolonged high-interest rate environment,” Alviar said.
Most actively traded Century Pacific Food Inc. was up P0.40 to P29.70. SM Investments Corp. was up P12 to P850. SM Prime Holdings Inc. was up P0.65 to P31. BDO Unibank Inc. was up P5.70 to P141.50. Ayala Land Inc. was steady at P29.50. Aboitiz Power Corp. was up P1.50 to P34.50. Bank of the Philippine Islands was up P1.50 to P112. Ayala Corp. was up P13 to P626. Jollibee Foods Corp. was up P1.80 to P228.80. International Container Terminal Services Inc. was up P5.40 to P208.60.
