Share prices rose Wednesday on increasing risk appetite after a series of encouraging economic news.
The peso also closed up.
The Philippine Stock Exchange index (PSEi) was up 74.78 points to 6,83004, a 1.11 percent hike.
The broader All Shares index was up 27.71 points or 0.78 percent to 3,566.76.
Gainers edged losers 112 to 80 with 49 stocks unchanged. Trading turnover reached P6.33 billion.
The peso closed at 55.95 to the dollar, up from 56.20 on Tuesday.
The currency opened at 56.08 and hit a high of 55.95 and a low of 56.12. Trading turnover reached $1.29 billion.
Asian currencies gained as the dollar lost steam with markets looking for further direction on the Federal Reserve’s rate-cut prospects.
Currencies in the region edged higher after the US dollar pulled back from a near three-month high and remained under pressure after a recent rally.
Market participants are now awaiting fresh clues on when the US Federal Reserve will cut rates, after a bumper jobs report last week and hawkish rhetoric from Fed Chair Jerome Powell, saw markets pushing back expectations of rate cuts.
Claire Alviar, analyst at Philstocks Financial Inc., said the market rose “amid favorable local economic figures.”
“PSA (Philippine Statistics Authority) reported a robust labor market, with the unemployment rate dropping to 3.1 percent. In addition, the inflation rate in January printed at the bottom of the BSP’s (Bangko Sentral ng Pilipinas) forecast range while the GDP growth in the fourth quarter met expectations,” Alviar said.
“Moreover, positive cues from the US markets, driven by strong corporate earnings, coupled with the expectation of an interest rate cut by the Federal Reserve, boosted the sentiment further,” she added.
Most actively traded Ayala Corp. was up P43 to P715. BDO Unibank Inc. was up P2 to P150. International Container Terminal Services Inc was up P10.20 to P270. Bank of the Philippine Islands was down P1.60 to P112.60. SM Prime Holdings Inc. was up P0.80 to P34.80 Ayala Land Inc. was up P0.35 to P34.50. Universal Robina Corp. was down P0.10 to P111.40. SM Investments Corp. was up P4 to P910. GT Capital Holdings Inc. was up P5 to P695. Century Pacific Food Inc. was down P0.60 to P36.15.
