Share prices ended higher yesterday on bargain hunting.
The Philippine Stock Exchange index (PSEi) was up 35.57 points to 7,288.21, a 0.49 percent hike.
The broader all shares index was up 16.97 points to 3,864.48, a 0.44 percent hike.
Losers edged gainers 96 to 82 with 52 stocks unchanged. Trading turnover reached P6.28 billion.
The peso closed at 51.26 to the dollar, up from 51.29 on Monday.
The currency opened at 51.35 and hita high of 51.20 and a low of 51.40. Trading turnover reached $1.04 billion.
Amid growing price pressures, central banks worldwide are beginning to either tighten policy or signaling a shift may be coming, leading to sharp falls in global stocks in recent days.
All eyes are on the Fed, which concludes a two-day meeting on Wednesday, with investors waiting for any hint on the timing of interest rate hikes and the pace of the central bank draining its massive balance sheet.
Aside from worries that US rate hikes may lead to capital outflows from Asia’s riskier emerging markets, investors are also weighing a potential invasion of Ukraine by Russia and rising tensions with the West that may lead to higher oil and gas prices and further contribute to global price pressures.
“The volatility seems to have weighed on Asian equities this morning,” Maybank analysts said, referring to rising tensions and volatile moves on Wall Street overnight. US stock futures are down in Asia trade.
Claire Alviar, analyst at Philstocks Financial Inc., said the market’s rebound got a boost from the reported improving coronavirus disease 2019 (COVID-19) situation, declining to high from critical.
“Trading was lethargic however as many remained out of the market due to the lingering risk caused by the COVID-19 and the possible tightening of the Federal Reserve in the US this year,” she said.
Most actively traded Solar Philippines Nueva Ecija Corp. was up P0.06 to P2.02. SM Prime Holdings Inc. was up P0.65 to P35.05. Ayala Land Inc. was down P0.35 to P34.75. Monde Nissin Corp. was up P0.16 to P16.80. Globe Telecom Inc. was down P26 to P3,234. BDO Unibank Inc. was down P0.20 to P127.20. Metropolitan Bank and Trust Co. was down P0.75 to P56.25. Converge ICT Holdings Inc. was up P0.40 to P31. SM Investments Corp. was steady at P950. Ayala Corp. was up P11 to P873. – Ruelle Castro
