Share prices closed higher Monday on encouraging first quarter results.
The peso closed up.
The Philippine Stock Exchange index was up 47.61 points, a 0.72 percent hike to 6,672.69.
The broader All Shares index was up 14.16 points or 0.4 percent to 3,546.69.
Gainers edged losers 103 to 83 with 48 stocks unchanged. Trading turnover reached P4.08 billion.
The peso closed at 55.34 to the dollar, up from 55.38 on Friday.
The currency opened at 55.48 and hit a high of 55.26 and a low of 55.50. Trading turnover reached $1.06 billion.
Most Asian currencies were subdued on Tuesday as investors were cautious ahead of a US central bank meeting, while a surprise contraction in Chinese manufacturing activity dragged on local sentiment, Reuters reported.
Most Asian markets were closed on Monday for the Labor Day holiday.
“EM (emerging market) Asia currencies could see some softening bias because China reopening momentum would be quite important to anchor the EM Asia currencies,” said Ken Cheung, chief Asia FX strategist at Mizuho Bank
The peso was an outlier, strengthening 0.4 percent.
The country said its budget deficit widened to P210.3 billion in March.
Late on Wednesday, the US Federal Reserve is expected to deliver a 25 basis points hike. Markets also weigh possible impacts from the US debt ceiling crisis, with the Treasury warning the government may default on payments next month.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the local market got a boost from investors cheering the local earnings trickling along, while placing bets on the April CPI coming on Friday.
Most actively traded BDO Unibank Inc. was down P2 to P142. SM Investments Corp. was up P25 to P920. Metro Pacific Investments Corp. was down P0.02 to P4.41. Robinsons Land Corp. was up P0.16 to P14.58. PLDT Inc. was down P3 to P1,201. Ayala Land Inc. was up P0.85 to P27.50. Bank of the Philippine Islands was up P2.40 to P110. International Container Terminal Services Inc. was steady at P217. SM Prime Holdings Inc. was steady at P33.95. SP Energy Corp. was up P0.02 to P1.48.
