The Philippine Stock Exchange index (PSEi) was up 32.69 points, a 0.5 percent hike to 6,615.07.
The broader all shares was up 17.92 points or 0.52 percent to 3,449.57.
Gainers edged losers 102 to 73 with 37 stocks unchanged. Trading turnover reached P11.96 billion.
The peso closed at 55.745, up from 55.90 on Tuesday.
The currency opened at 55.65 and hita high of 55.60 and a low of 55.82. Trading turnover reached $731.72 million.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), said the peso went up after investor sentiments improved when the US reported overnight a better-than-expected inflation in November, the lowest in 11 months or since December 2021.
The same inflation-related optimism led emerging markets across Asia to rise Wednesday as the cooler-than-expected US inflation data bolstered expectations that the Federal Reserve’s interest rate hikes will slow and eventually stop next year.
Most Asian currencies firmed against the greenback
“There is room for more policy hikes from the BSP (Bangko Sentral ng Pilipinas) as inflation remains sticky and given that the Fed is not yet done raising rates,” analysts at First Metro Securities and DBS said in a joint note.
“For the first half of next year, we prefer to tactically take a risk-on view of a Fed pivot/pause leading to bear market rallies (in the Philippines) and presenting opportunities to take profit,” they added.
Claire Alviar, analyst at Philstocks Financial Inc., said stocks investors were also encouraged by the surprisingly lower November inflation in the US, which was cheered by most investors, especially in Asia.
“The inflation rate in the US printed less than the expectation, raising hopes that the Fed will hike rates at a slower pace,” it said.
Most actively traded BDO Unibank Inc. was up P1.10 to P113.60. PLDT Inc. was down P40 to P1,610. Ayala Land Inc. was up P0.15 to P20.50. Jollibee Foods Corp. was down P1.20 to P233.80. SM Investments Corp. was up P12 to P928. GT Capital Holdings Inc. was up P1 to P420. SM Prime Holdings Inc. was down P0.15 to P35.05. Metropolitan Bank and Trust Co. was up P1.10 to P55.10. International Container Terminal Services Inc. was steady at P207. Globe Telecom Inc. was up P66 to P2,224.
