Shares up, peso down

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Share prices closed up and the peso lost ground as investors tracked overseas leads to trade the market.

The Philippine Stock Exchange index (PSEi) was up 41.07 points to 6,753.12, a 0.61 percent hike.

The broader All Shares index was up 38.50 points or 1.07 percent to 3,638.48.

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Losers edged gainers 93 to 67 with 74 stocks unchanged. Trading turnover reached P5.47 billion.

The peso closed at 58.435 to the dollar, down from 58.38. The currency opened at 58.44 and hit a high of 58.30 and a low 58.46. Trading turnover reached $1.15 billion.

A softer US dollar helped currencies in the region regain some lost ground.

The dollar index was down 0.1 percent at 104.3, two days after US President Joe Biden dropped his reelection bid.

“There is a possibility that EM (emerging markets) Asia could experience some intermittent climb towards year-end once the US elections are done,” said Alan Lau Sie Ping, a senior FX Strategist at Maybank.

Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said the market closed up as investors digested President Marcos latest State of the Nation Address, Monday.

“The improvement of the country’s poverty incidence level, coming in at 15.5 percent in 2023, lower than 2021’s 18.1 percent was cheered by many. The positive spillovers from Wall Street overnight amid optimism on US second quarter corporate results added a boost to the local bourse,” he also said.

Most actively traded Ayala Land Inc. was down P0.30 to P31.60. BDO Unibank Inc. was down P2.60 to P145.60. SM Investments Corp. was up P19 to P923. Bank of the Philippine Islands was steady at P129. International Container Terminal Services Inc. was up P7 to P362. Metropolitan Bank and Trust Co. was up P2.05 to P68.95. SM Prime Holdings Inc. was down P0.75 to P29.90. DigiPlus Corp. was steady at P14.82. Bloomberry Resort Corp. was down P0.05 to P8.52. Ayala Corp. was up P14 to P594.

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