Share prices rose Tuesday on bargain hunting.
The peso closed up.
The Philippine Stock Exchange index was up 7.35 points to 6,879.59, a 0.11 percent hike.
The broader All Shares index was up 5.59 points or 0.16 percent to 3,580.31.
Gainers edged losers 109 to 72 with 54 stocks unchanged. Trading turnover reached P5.39 billion.
The peso closed at 55.31 to the dollar, up from 55.37 on Monday. The currency opened at 55.42 and hit a high of 55.30 and a low of 55.51. Trading turnover reached $1.13 billion.
Most Asian currencies were subdued on Tuesday as traders refrained from making fresh bets ahead of a key US inflation report that could influence the Federal Reserve’s rate trajectory.
Investors are laser focused on the consumer price index data expected later in the day, with a forecast monthly increase of 0.4 percent. Any sudden upside surprises could potentially lead to investors exiting riskier assets.
The peso traded flat. The archipelago nation’s trade deficit widened slightly in January to $4.22 billion from $4.18 billion the prior month, according to preliminary official data.
“While the peso has outperformed recently, we continue to see PHP underperforming through 2024 as the current account deficit remains large and FX valuations are not attractive,” Michael Wan, an FX strategist with MUFG, said in a client note.
The peso and the Indian rupee are the only emerging Asian currencies trading in the positive territory, having gained about 0.2 percent and 0.6 percent, respectively, on a year-to-date basis.
Mikhail Philippe Plopenio, analyst at Philstocks Financial Inc., said investors hunted for bargains that led for the market’s uptick.
“Many also cheered the December 2023 FDI figures which posted a 29.9 percent surge in net inflows. Still the market closed with trimmed gains, implying that investors are being cautious ahead of the US inflation data,” he said.
Most actively traded PLDT Inc. was up P83 to P1,400. BDO Unibank Inc. was down P4.80 to P150.50. SM Investments Corp. was down P0.50 to P983. International Container Terminal Services Inc. was up P7.40 to P309. Ayala Land Inc. was steady at P32.30. SM Prime Holdings Inc. was steady at P31.60. Bank of the Philippine Islands was up P0.10 to P118.10. Metropolitan Bank and Trust Co. was up P0.50 to P62.50. Ayala Corp. was down P4.50 to P662.50. Premium Leisure Corp. was up P0.06 to P0.80.