Share prices ended mixed Tuesday on lack of strong news.
The Philippine Stock Exchange index was down 3.17 points or 0.05 percent to 6,206.36 while the broader all shares index was down 1.36 points or 0.04 percent to 3,358.41.
Gainers edged losers 104 to 76 with 44 stocks unchanged. Trading turnover reached P2.61 billion.
The peso closed at 55.30, up from 56.10 on Monday.
The currency opened at 55.85 and hit a high of 55.43 and a low of 55.88. Trading turnover reached $1.43 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said this is the peso’s strongest close in more than three weeks when it closed 55.23 on July 5, 2022.
Asian currencies edged up against a slightly softer US dollar on Tuesday.
Investors in the region now await a likely 75- basis point rate increase from the Fed this week, with markets pricing in a chance of about 10 percent for a larger hike.
Luis Limlingan, managing director at Regina Capital and Development Corp., said late session buying reduced the market’s drop as investors awaited for encouraging news overseas, particularly from the US Fed’s meeting.
The Fed will start its two-day meeting tonight, with traders expecting US monetary officials to raise rates by three-quarter percentage point.
Most actively traded BDO Unibank Inc. was down P1.30 to P114.30. Ayala Land Inc. was down P0.15 to P23.85.Emperador Ic was up P0.04 to P18.94. Bank of the Philippine Islands was up P0.40 to P86.80. Semirara Mining and Power Corp. was up P0.50 to P40.50. PLDT Inc. was up P9 to P1,620. DMCI Holdings Inc. was up P0.05 to P9.50. International Container Terminal Services Inc. was up P2.70 to P183.20. SM Prime Holdings Inc. was down P0.70 to P36.55. AC Energy Corp. was up P0.13 to P8.31.
