Share prices rose on Wednesday after an initial drop as investors took bargains.
The peso closed up.
The Philippine Stock Exchange index was up 40.26 points to 7,280.24, a 0.56 percent hike.
The broader All Shares index was up 19.27 points or 0.48 percent to P3,996.58.
Losers edge gainers 99 to 88 with 58 stocks unchanged. Trading turnover reached P5.5 billion.
The peso closed at 58.23 to the dollar, up from 58.275 on Tuesday.
The currency opened at 58.20 and hit a high of 58.18 and a low of 58.33. Trading turnover reached $1.24 billion.
Currencies trended broadly lower while the dollar stood at a three-month peak as market turned cautious ahead of the hotly contested US election next week.
Saktiandi Supaat, head of Asia forex research at Maybank, said investors were weighing the potential outcome of the US election and the Federal Reserve’s policy trajectory, as well as the outlook for global growth, including an expected China fiscal stimulus package.
The pressure on regional currencies this month reflects the strong performance of the dollar, which is headed for its best monthly performance in about two-and-a-half years as investors pare back their expectations of a large rate cut by the Fed.
Mixed US indicators overnight, showing a loosening US jobs market but a confident consumer, provided little clarity on the outlook for the Fed’s easing path.
Investors have been putting on trades betting that Republican candidate Donald Trump could be president again, although he is still neck-and-neck with Vice President Kamala Harris in several polls.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market managed to close in the green “with some bargain hunting.”
Most actively traded BDO Unibank Inc. was up P3 to P160. Ayala Land Inc. was up P0.10 to P33.60. Globe Telecom Inc. was up P66 to P2,166. SM Prime Holdings Inc. was down P0.05 to P30.05. SM Investments Corp. was down P3 to P962. Metropolitan Bank and Trust Co. was up P3.95 to P79.45. Bank of the Philippine Islands was down P1.70 to P145.50. Aboitiz Equity Ventures Inc. was up P0.75 to P34.95. Universal Robina Corp. was steady at P100.
