Share prices ended higher yesterday as risk aversion waned.
The peso was down.
The Philippine Stock Exchange index was up 11.65 points, a 0.18 percent hike to 6,403.74.
The broader all shares index was up 12.3 points or 0.36 percent to 3,388.60.
Gainers edged losers 95 to 83 with 48 stocks unchanged. Trading turnover reached P7.3 billion.
The peso closed at 57.36 to the dollar, down from 57.35 on Wednesday.
The currency opened at 57.45, and hit a high of 57.35 and a low of 57.53. Trading turnover reached $662.88 million.
Most currencies extended losses on Thursday, as stronger-than-expected US retail sales data overnight strengthened the dollar, while central banks in the Philippines and Indonesia hiked interest rates in line with expectations.
The Philippine central bank delivered a jumbo 75 basis point (bp) hike and indicated to maintain its hawkish stance to combat inflation. The peso reversed its course to gain 0.1 percent.
“BSP (Bangko Sentral ng Pilipinas) hiked rates as expected with the central bank increasing policy rates by 75bp. With inflation expected to remain elevated well-into 2023, the BSP opted to push ahead with its hawkish tilt, offloading another hefty rate hike while holding back on conducting an emergency rate hike “ said Nicholas Mapa, senior economist at ING.
“We expect BSP to stay hawkish going into 2023, likely matching any move by the Fed from hereon.”
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market bucked regional trend as Wall Street declined overnight “ahead of the BSP meeting.”
Stockbroker Philstocks Financial Inc. said the easing of geopolitical tensions between Russia and the North Atlantic Treaty Organization boosted the sentiment.
Most actively traded Universal Robina Corp. was up P3.50 to P132.20. BDO Unibank Inc. was down P0.50 to P128.50. Ayala Land Inc. was up P0.70 to P28.50. SM Investments Corp. was down P3 to P867. Converge ICT Solutions Inc. was down P0.08 to P15. PLDT Inc. was up P26 to P1,578. AbaCore Holdings Inc. was up P0.10 to P2.71. International Container Terminal Services Inc. was down P3.30 to P184.20. Jollibee Foods Corp. was down P1 to P241. Bank of the Philippine Islands was down P0.80 to P95.80.
