Stocks rise on positive sentiment; peso up to 56.045:$1

- Advertisement -

Share prices closed higher Wednesday tracking overseas leads.

The peso ended up.

The Philippine Stock Exchange index was up 23.71 points, 0.39 percent hike to 6,155.03.

- Advertisement -

The broader All Shares index rose 7.17 points or 0.22 percent to 3,317.51.

Gainers edged losers 90 to 75 with 51 stocks unchanged. Trading turnover reached P3.76 billion.

The peso closed at 56.045 to the dollar, up from 56.115 on Tuesday.

The currency opened at 56.09 and hit a high of 55.95 and a low of 56.10. Trading turnover amounted to $1.24 billion.

The potential for another rate hike by the US Federal Reserve kept most Asian  currencies steady.

Fed policymakers on Tuesday maintained a balanced tone and said they were weighing strong economic data and the impact of higher long-term bond yields as they consider if they will need to hike rates further to bring down inflation.

Asian currencies and stock markets had risen after last week’s Fed board meeting and non-farm payrolls data.

Claire Alviar, analyst at Philstocks Financial Inc., said investors took a cue from the US amid the decline in the US long-term treasury yields.

“At home, the sentiment was also boosted by the labor data with the unemployment rate in September remaining strong at 4.5 percent despite a slight dip from the previous month. The narrower trade deficit also contributed to the positive sentiment, though a 6.3 percent contraction in exports tempered some of the optimism,” she said.

Most actively traded Jollibee Foods Corp. was up P9.20 to P219.80. BDO Unibank Inc. was up P1.30 to P134.50. Ayala Land Inc. was up P1.15 to P29.15. SM Investments Corp. was down P10 to P819. SM Prime Holdings Inc. was down P0.15 to P30.90. Universal Robina Corp. was up P0.30 to P112.70. International Container Terminal Services Inc. was down P0.60 to P209.40. GT Capital Holdings Inc. was down P7 to P538. Cosco Capital Inc. was down P0.10 to P4.60. Bank of the Philippine Islands was up P0.30 to P104.30.

Author

- Advertisement -

Share post: