Share prices ended up Tuesday on last-minute buying as cherry-picking ruled the day’s trading.
The Philippine Stock Exchange index (PSEi) was up 52.34 points to 7,008.94, a 0.75 percent hike.
The broader all shares index was up 18.16 points to 3,715.79, a 0.49 percent hike.
Market breadth , however, is negative with losers edged gainers 81 to 77 with 60 stocks unchanged. Trading turnover reached P6.67 billion.
The peso closed at 52.44 to the dollar, down from 52.35 on Monday. It opened at 52.44 and hit a high of 52.385 and a low of 52.47. Trading turnover reached $953.1 million.
Most Asian currencies extended their sell-off on Tuesday, with the South Korean won and Thai baht leading falls following a hawkish speech from US Federal Reserve Chair Jerome Powell and the deepening crisis in Ukraine, Reuters reported.
Most regional bond yields inched up, with yields on Singapore’s five-year notes touching 2.015 percent, their highest since May 2019, while 10-year benchmark yields in India and Indonesia traded at 6.781 percent and 6.755 percent, respectively.
While direct trade and investment impact from the Russia-Ukraine conflict to Southeast Asian nations is “contained,” the indirect impact of rising oil and commodity prices and resulting inflation are likely to be felt on economic growth, analysts at Singapore bank DBS said.
Claire Alviar, analyst at Philstocks Financial Inc., said the market swung to a gain on last- minute bargain- hunting.
“The signing of the law amending the Public Service Act also helped the market’s recovery for today,” she said.
Alviar noted that in the earlier part of the day, the market was trading in the red amid Russia-Ukraine tensions and worries over the rising oil prices following reports that the European Union is considering banning Russian oil.
“Aside from that, there was also negative spillover from the performance of the US markets overnight,” she said.
“Given the uncertainties and mixed sentiments in the market, some investors were on the sidelines,” Alviar added.
Most actively traded SM Investments Corp. was up P2 to P882. International Container Terminal Services Inc. was up p7.60 to P227.80. Jollibee Foods Corp. was down P7 to P205.
Manila Electric Co. was up P10.80 to P369.80. Monde Nissin Corp. was down P0.22 to P13.48. Ayala Corp. was steady at P777. SM Prime Holdings Inc. was up P0.20 to P39.05.
Ayala Land Inc. was up P0.25 to P34.95. BDO Unibank Inc. was up P4.30 to P130.40.
Aboitiz Equity Ventures Inc. was down P0.50 to P57.
