Share prices closed mixed Monday with the index up while market breadth was negative on continued debate about the extent the US Fed will cut rates when it meets this month.
The peso closed lower.
The Philippine Stock Exchange index was up 48.16 points to 6,984.25, a 0.69 percent hike.
The broader All Shares index was up 25.19 or 0.67 percent to 3,778.05.
Losers edged gainers 104 to 96 with 50 stocks unchanged. Trading turnover reached P7.12 billion.
The peso closed at 56.52 to the dollar, down from 55.905 on Friday.
The currency opened at 56.20, an intraday high and hit a low of 56.52. Trading turnover reached $1.22 billion.
Investors analyzed last week’s mixed US jobs data and comments from Federal Reserve officials, which suggested a weak labor market but without sufficient justification for a 50-basis-point interest rate cut.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said investors cheered the prospects of further rate cuts by the Bangko Sentral ng Pilipinas.
“This comes on the back of the favorable inflation figures seen for August and the increasing likelihood of the Federal Reserve starting with their monetary easing in their policy meeting next week,” Tantiangco said.
Most actively traded BDO Unibank Inc. was up P2.50 to P159.50. Security Bank Corp. was up P6.90.70. Ayala Land Inc. was up P0.70 to P35.95. GT Capital Holding Corp. was up 25 to P705. AREIT Inc. was down P0.50 to P35.45. SM Investments Corp. was up P11.50 to P920. SM Prime Holdings Inc. was up P0.45 to P30.55. Bank of the Philippine Islands was down P1 to P125. International Container Terminal Services Inc. was up P2 to P402.
