Share prices ended higher Tuesday on bargain-hunting.
The Philippine Stock Exchange index (PSEi) was up 92.82 points to 6,902.54, a 1.36 percent hike.
The broader all shares index was up 43.08 points to 4,160.21, a 1.05 percent hike.
Gainers edged losers 138 to 61 with 52 stocks unchanged. Trading turnover reached P7.58 billion.
The peso closed at 47.731, down from 47.645 on Monday. The currency opened at 47.735, and hit a high of 47.71 and a low of 47.77. Trading turnover reached $675 million.
Asia’s emerging currencies firmed ahead of a US inflation report that might give a clue to when the Federal Reserve will begin tapering its monetary stimulus, Reuters reported.
The Philippine peso and Thai baht gained around 0.2 percent on the US dollar.
Asian investors have adopted a cautious view so far this week, looking to signs price pressure may prompt the Federal Reserve to start discussing early tapering at its policy meeting next week, which could boost the dollar.
Economists reckon inflation in May will rise 0.4 percent over the preceding month, but recent payrolls data showed job hiring did not grow as fast as expected and overnight 10-year Treasury yields fell to a one-month low.
“Maybe bond markets are absolutely right. The inflation we are seeing … is just transitory,” Robert Carnell, the Asia-Pacific head of research for ING, said.
Local shares traded closer to the 7,000 level as investors returned back to the Philippines, according to Luis Limlingan, managing director at Regina Capital and Development Corp., while noting that most investors remained “on a wait-and-see mode ahead of the release of the US inflation data.”
“A firmer greenback and lower Treasury yields weighed on sentiment as well. Investors are also looking at how the inflation report would influence the US Fed’s next move,” he added.
Most actively traded BDO Unibank Inc. was up P3.40 to P110.30. Ayala Land Inc. was up P1.35 to P38.30. Monde Nissin Corp. was up P0.4 to P13.70. Jollibee Foods Corp. was up P0.24 to P13.70. Ayala Corp. was up P34 to 835. Aboitiz Power Corp. was steady at P23.15.
International Container Terminal Services Inc. was up P0.10 to P150. SM Investments Corp. was down P2 to P1,000. GT Capital Holdings Corp. was up P10.50 to P610.50. AC Energy Corp. was up P0.32 to P7.91.
