Share prices ended higher yesterday as investors took to overseas leads to trade the market.
The market also benefited from quarterly-window dressing.
The Philippine Stock Exchange index (PSEi) was up 102.54 points or by 1.68 percent to 6,207.72 while the broader all shares index was up 48.31 points or by 1.34 percent to 3,645.17.
Gainers edged losers 118 to 70 with 54 stocks unchanged. Trading turnover reached P6.46 billion.
The peso closed at 49.83 to the dollar, up from 49.955 on Monday.
The currency opened at 49.75 and hit a high of 49.74 and a low of 48.84. Trading turnover reached $642.73 million.
“Local stocks advanced with the region on Wednesday as investors focused on the prospects of an economic recovery after US pending home sales and Chinese June PMI (purchasing managers index) came in above expectations,” said stockbroker SB Equities Inc.
“Despite foreign outflow extending eight sessions and concerns continuing over the rate of local and foreign coronavirus infections, ahead of an expected speech from President Duterte later in the day to announce quarantine plans, the PSEi traded in the green all session, finishing on its session high amid quarter-end rebalancing activity,” it added.
Most actively traded Altus Property Ventures Inc. was up P13.85 to P41.60. BDO Unibank Inc. was up P4 to P98. Bank of the Philippine Islands was up P2.50 to P72. Ayala Corp. was up P15 to P777. Universal Robina Corp. was up P1 to P130. Globe Telecom Inc. was down P18 to P2,070. Ayala Land Inc. was down P0.15 to P33.80. MerryMart Consumer Corp. was up P0.25 to P3.50. SM Investments Corp. was up P24 to P939. Manila Water Co. was up P0.08 to P12.60.