Share prices ended higher Wednesday tracking overseas leads.
The Philippine Stock Exchange index (PSEi) was up 104.68 points to 7142.42, up 1.49 percent.
The broader all shares was up 34.21 points to 3,777.13, a 0.91 percent hike.
Gainers edged losers 98 to 78 with 54 stocks unchanged. Trading turnover reached P4.82 billion.
The peso closed 52.49 to the dollar, down from 52.46 on Tuesday.
The currency opened at 52.44 and hit a high of 52.42 and a low of 52.49. Trading turnover reached $895.8 million.
Other emerging Asia currencies were mixed.
The International Monetary Fund (IMF) on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warned of an imminent threat from inflation to many countries.
The IMF’s downgrade and warning followed a similar move from the World Bank on Monday.
Luis Limlingan, managing director at Regina Capital and Development Corp., attributed the uptick in the local bourse to the stronger-than-expected US corporate earnings.
Oil prices also tumbled 5 percent in volatile trading on demand concerns after the IMF reduced its economic growth forecasts and warned of higher inflation, he noted.
“Brent crude declined 5.22 percent to $107.25, while US WTI (West Texas Intermediate) crude settled 5.2 percebt lower at $102.56/barrel,” Limlingan said.
Most actively traded International Container Terminal Services Inc. was up P6.20 to P231.
BDO Unibank Inc. was up P2.70 to P132.50. Bank of the Philippine Islands was steady at P99.80. SM Investments Corp. was up P5.50 to P877. PLDT Inc. was up P15 to P1,914.
Ayala Land Inc. was up P1.60 to P35.60. Converge ICT Solutions Inc. was down P0.60 to P30. SM Prime Holdings Inc. was up P0.95 to P38.20. CTS Global Equity Inc. was up P0.03 to P1.01. Ayala Corp. was up P9 to P778.
