Share price closed higher Wednesday on the eve of a new round of expected rate hike by the US Fed, with investors opting to snap up bargains.
The peso closed lower.
The Philippine Stock Exchange index was up 18.02 points, a 0.27 percent hike to 6,679.13.
The broader all shares index was up 5.63 points or 0.16 percent to 3,546.01.
Losers edged gainers 87 to 78 with 56 stocks unchanged. Trading turnover reached P4.44 billion.
The peso closed at 54.62 to the dollar, down from 54.55. The currency opened at 54.60 and hit a high of 54.59 and a low of 54.69. Trading turnover reached $987.1 million.
Claire Alviar, analyst at Philstocks Financial Inc., said last-minute buying pulled the market to close up.
“Positive cues from the US markets and the anticipation of Q2 corporate earnings at home, helped lift the index as well,” she said.
Alviar said market sentiment was further boosted as the International Monetary Fund revised upward its economic growth forecast for the country to 6.2 percent this year from 6 percent on the back of strong domestic demand.
Most actively traded BDO Unibank Inc. was up P0.70 to P148.20. Universal Robina Corp. was down P2.80 to P126.70. SM Investments Corp. was up P13.50 to P937.50. Ayala Land Inc. was down P0.45 to P27. Bank of the Philippine Islands was down P0.80 to P117.50. Jollibee Foods Corp. was down P0.60 to P259.20. SM Prime Holdings Inc. was up P0.10 to P33.60. Ayala Corp. was up P2 to P643. Metro Pacific Investments Corp. was down P0.02 to P4.88. GT Capital Holdings Inc. was steady at P540.
