Share prices ended higher Tuesday on bargain hunting. The peso closed up.
The Philippine Stock Exchange index was up 17.46 points to 6,286.24, a 0.28 percent hike.
The broader all shares index was up by 11.30 points or 0.34 percent to 3,381.36.
Gainers edged losers 99 to 77 with 51 stocks unchanged. Trading turnover reached P3.79 billion.
The peso closed at 56.255 to the dollar, up from 56.35 on Monday.
The currency opened at 56.35 and hit a high of 56.25 and a low of 56.37. Trading turnover reached $663.05 million.
Asian currencies fell on Tuesday, led by Thailand’s baht and the Malaysian ringgit, as the dollar held its ground, while rising COVID-19 cases in regional economic powerhouse China and fears of a global recession weighed on investor sentiment.
The dollar remained at elevated levels even after markets pared back bets of a full percentage-point US rate hike. It has gained nearly 12 percent this year as a series of aggressive rate hikes and fears of a global recession drove investors toward safe havens.
“I think the main driver for Asian currencies remains the USD which moved up recently from demands for safe-haven assets amid concerns over recession,” said Poon Panichpibool, a market strategist at Krung Thai Bank.
Currencies and stocks in the region were also pressured by rising COVID-19 cases in China, which raised fears of a further slowdown in economic growth.
Investors were also concerned about a further hit to China’s property sector as growing numbers of homebuyers have threatened to stop mortgage payments on unfinished apartments.
Claire Alviar, analyst at Philstocks Financial Inc., said investors continued to bargain hunt coming from last week’s decline.
“However, intraday, the market moves sideways amid a lack of fresh leads. Some investors were also on the sidelines seen by weak market participation,” she said.
Most actively traded International Container Terminal Services Inc. was up P8 to P186.
Ayala Land Inc. was down P0.45 to P24.40. Semirara Mining and Power Corp. was up P1.30 to P39.25. PLDT Inc. was down P32 to P1,654. Metropolitan Bank and Trust Co. was down P1.20 to P45.70. BDO Unibank Inc. was down P3.50 to P117.50. SM Prime Holdings Inc. was up P0.40 to P37.85. AC Energy Corp. was up P0.02 to P8.25. Universal Robina Corp. was up P0.60 to P115.40. Converge ICT Solutions Inc. was steady at P20.25. – Ruelle Castro
