Share prices ended higher yesterday as risk appetite among investors increased. The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 67.99 points, a 1.08 percent hike to 6,354.76.
The broader All Shares index was up 23.7 points or 0.71 percent to 3,352.59.
Gainers edged losers 103 to 85 with 39 stocks unchanged. Trading turnover reached P5.65 billion.
The peso closed at 57.28 to the dollar, down from 57.23 on Friday.
The currency opened at 57.30 and hita high of 57.22 and a low of 57.39. Trading turnover reached $720.63 million.
Claire Alviar, analyst at Philstocks Financial Inc., said investors bought stocks “amid good third-quarter earnings, so far, and positive spillover from Wall Street as investors cheered the slowdown of the October inflation rate.”
“So far, the sentiment at home is turning bullish. Market participation has improved as well with a net value turnover of P5.41 billion, higher than last week’s average of P4.55 billion. Moreover, the PSEi’s short-term movement is an uptrend, with the 50-day EMA (exponential moving average) pointing upwards already,” Alviar said.
Most actively traded SM Prime Holdings Inc. was up P0.50 to P35.50. BDO Unibank Inc. was up P0.70 to P134.10. SM Investments Corp. was up P17 to P842. Jollibee Foods Corp. was up P9.40 to P247.80. Semirara Mining and Power Corp. was down P0.65 to P30.05. Ayala Land Inc. was up P0.30 to P27.20. Converge ICT Solutions Inc. was up P0.30 to P12.8. Globe Telecom Inc. was down P88 to P2,212.
Emerging Asian currencies were mixed on Monday and several regional stock markets eased after sharp gains in the previous session, as investors weighed the likelihood of the US Federal Reserve softening its hawkish monetary policy, Reuters reported.
