Share prices rose Wednesday as investors picked up stocks battered by the recent sell-off while risk aversion remains high.
The peso closed down.
The Philippine Stock Exchange index rose 172.44 points to 6,975.63, a 2.53 percent hike.
The broader All Shares index was up 35.23 points or 0.92 percent to 3,847.41.
Losers edged gainers 110 to 88 with 59 stocks unchanged.
The peso closed at 58.91 to the dollar, down from 58.81 on Wednesday.
The currency opened at 58.80 and hit a high of 58.77 and a low of 58.925. Trading turnover reached $1.1 billion.
Caution prevailed among investors in Asian currency markets with escalations in the Ukraine-Russia conflict further pushing traders to the sidelines.
A slowdown in the greenback would help Asian equities and currencies.
Asian investors are also looking out for Bank Indonesia’s monetary policy decision later on Wednesday where the central bank is expected to keep interest rates unchanged, according to a Reuters poll.
Bangko Sentral ng Pilipinas (BSP) governor Eli Remolona said a third rate cut could be expected at the December meeting as the central bank is still in its easing cycle.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market viewed the recent interaction call between Marcos and US President-elect Trump on a positive note.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market’s rally was also driven by the “reassurance from the BSP the Philippines’ monetary policy is still in its easing phase with a possibility of a 100- basis points rate cut in total next year.”
“Foreign investors also turned buyers on the net, helping the market climb,” Tantiangco said.
Most actively traded Ayala Land Inc. was up P1.05 to P30.30. BDO Unibank Inc. was up P8.50 to P154. International Container Terminal Services Inc. was up P5.20 to P399. Bank of the Philippine Islands was down P0.10 to P138. Ayala Corp. was down P4 to P647. SM Prime Holdings Inc. was up P0.60 to P29.20. Universal Robina Corp. was down P0.20 to P88. Metropolitan Bank and Trust Co. was up P3.70 to P77.50. GT Capital Holdings Inc. was up P1 to P655. SM Investments Corp. was up P63.50.
