Share prices ended higher yesterday tracking overseas leads.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 62.96 points, a 0.96 percent hike to 6,593.16.
The broader all shares index was up 22.33 points or 0.64 percent to 3,510.41.
Gainers edged losers 93 to 80 with 43 stocks unchanged. Trading turnover reached P3.29 billion.
The peso closed at 56.12 to the dollar, down from 55.79 on Friday.
The currency opened at 55.85 and hit a high of 55.85 and a low of 56.15. Trading turnover reached $1.11 billion.
Asian currencies struggled for direction on Monday, amid increased bets of further rate hikes by the US Federal Reserve even as a weekend deal to suspend the US government’s debt ceiling drew some safe haven bids away from the greenback, Reuters reported.
Data on Friday showed US consumer spending rose more than expected in April and inflation picked up, adding to signs of a still-resilient economy. Financial markets are now leaning towards a quarter-point hike from the Fed next month.
A deal to suspend the $31.4 trillion debt ceiling until 2025 will now have to pass through a narrowly-divided Congress, as the government looks to avert a potential default that would likely lead to recession in the US and trouble for the global economy.
Equities-sensitive currencies, including the Taiwanese dollar and South Korean won appreciated 0.3 percent and 0.1 percent, while most other currencies in the region lost ground.
Claire Alviar, analyst at Philstocks Financial Inc., said investors were encouraged by the positive developments on the US debt ceiling issue.
“So far, President Joe Biden and House Speaker Kevin McCarthy reached a tentative deal to raise the debt ceiling over the weekend. For now, this is enough to boost the optimism among investors,” she said.
Most actively traded Ayala Corp. was up P6 to P692. SM Investments Corp. was steady at P920. SM Prime Holdings Inc. was up P0.25 to P34.25. Ayala Land Inc. was up P0.60 to P26.50. Petron Corp. was down P0.65 to P4. ACEN Corp. was down P0.04 to P6. Universal Robina Corp. was up P3.60 to P148. BDO Unibank Inc. was steady at P135. International Container Terminal Services Inc. was up P8 to P135. International Container Terminal Services Inc. was up P8 to P203. Jollibee Foods Corp. was up P4.40 to P237.
