Share prices ended higher yesterday on bargain hunting.
The peso closed up.
The Philippine Stock Exchange index (PSEI) was up 57.40 points, a 0.89 percent hike to 6,530.45.
The broader All Shares index was up 19.05 points or 0.55 percent to 3,480.16.
Losers edged gainers 92 to 89 with 52 stocks unchanged. Trading turnover reached P3.39 billion.
The peso closed at 56.20 to the dollar, up from 56.24 on Tuesday.
The currency opened at 56.40 and hit a high of 56.20 and a low of 56.44. Trading turnover reached $996.2 million.
Asian currencies edged higher on Wednesday after investors priced in the effects of China’s consumer prices falling in July, which made it the first G20 economy to enter deflationary territory since Japan in 2021, Reuters reported.
The peso gained 0.3 percent, while Indonesia’s rupiah and Malaysia’s ringgit appreciated over a 0.1 percent each.
The US dollar index, which measures the greenback against six major peers, slipped 0.2 percent to 102.35 as of 0650 GMT.
Claire Alviar, analyst at Philstocks Financial Inc. said investors were encouraged by the Philippines’ employment rate which remained strong in June.
“Employment rate in June was at 95.5 percent, inching down a bit from May’s 95.7 percent but still higher compared to June last year’s 94 percent. Moreover, narrower balance of trade in goods in June, especially with the 0.8 percent growth of exports, helped lift the sentiment,” she said.
Most actively traded BDO Unibank Inc. was up P1.40 to P142.40. Ayala Land Inc. was steady at P29.40. SM Investments Corp. was up P5 to P900. Bank of the Philippine Island was up P2.60 to P115.80. Metro Pacific Investments Corp. was up P0.03 to P5. Universal Robina Corp. was up P0.80 to P124.80. PLDT Inc. was up P20 to P1,324. International Container Terminal Services Inc. was up P5.40 to P214.20. AbaCore Capital Holdings Inc. was down P0.14 to P1.58. Ayala Corp. was up P9.50 to P622.
