Stocks rise on latest earnings results, peso down

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Share prices rose Thursday on bargain hunting.

The peso closed down.

The Philippine Stock Exchange index (PSEi) was up 68.19 points to 6,944.71, a 0.99 percent hike.

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The broader All shares index was up 17.40 points or 0.48 percent hike to 3,609.06.

Losers edge gainers 107 to 81 with 41 stocks unchanged. Trading turnover reached P11.96 billion.

The peso closed at 56.20 to the dollar, down from 56.25 on Wednesday.

The currency opened at 56.22 and hit a high of 56.12 and a low of 56.23. Trading turnover reached $1.28 billion.

Asian currencies were largely subdued on Thursday and were headed for monthly declines, while equities were mixed as investors remained cautious ahead of the US inflation data that could give clues on the Federal Reserve’s rate outlook, Reuters reported.

Regional currencies which gained by the end of 2023 on an unexpectedly dovish shift from the US Federal Reserve, have lost their ground in 2024, reflecting gains in the dollar as markets have scaled back expectations of a cut to June, where wagers were on March in start of the year.

Luis Limlingan, managing director at Regina Capital and Development Corp., said investors weighed the latest earnings results and looked ahead to the Fed’s favored inflation gauge.

Most actively traded Ayala Corp. was down P10 to P678. Bank of the Philippine Islands was up P3.90 to P125.10. SM Prime Holdings Inc. was down P0.90 to P31.60. SM Investments Corp. was up P27 to P940. BDO Unibank Inc. was up P5 to P153. International Container Terminal Services Inc. was up P4 to P289. Ayala Land Inc. was down P0.10 to P35. Universal Robina Corp. was up P3.50 to P117. Metropolitan Bank and Trust Co. was down P0.95 to P62. Jollibee Foods Corp. was up P1.80 to P273.80.

 

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