Share prices edged higher Wednesday tracking overseas leads.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was up 68.21 points, 1.07 percent hike to 6,466.85.
The broader All Shares index was up 27.46 points or 0.8 percent to 3,457.33.
Losers edged gainers 92 to 84 with 49 stocks unchanged. Trading turnover reached P5.25 billion.
The peso closed at 54.93 to the dollar, up from Tuesday’s 55.25 to the dollar. The currency opened at 55.18, an intraday low and hit a high of 54.93.
Asian currencies firmed on Wednesday ahead of a US inflation report that could give a clear signal on whether the Federal Reserve is at the end of its rate hike cycle.
Analysts expect the headline consumer price index (CPI) to show a rise of 3.1 percent on an annual basis in June, with expectations for core consumer prices to have risen 5 percent.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market went up ahead of the highly anticipated US inflation print.
Claire Alviar, analyst at Philstocks Financial Inc., said investors are betting on a slower inflation rate in the US.
“The upcoming inflation report could influence the decision of the Federal Reserve on interest rates for the year,” she said.
Most actively BDO Unibank Inc. was up P6 to P142. SM Prime Holdings Inc. was up P0.40 to P32.75. Bank of the Philippine Islands was up P1.90 to P110.90. Emperador Inc. was steady at P21.05. International Container Termnial Services Inc. was up P2.20 to P202.40. Ayala Land Inc. was up P0.05 to P24.75. Metro Pacific Investments Corp. was down P0.02 to P4.89. Jollibee Foods Corp. was up P7.60 to P243.60. Ayala Corp. was up P10 to P613.50. Universal Robina Corp. was down P1.10 to P132.90.
