Stocks up on bargain hunting

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Share price ended higher Wednesday on bargain hunting.

The peso closed lower.

The Philippine Stock Exchange index  was up 15.85 points to 6,876.52, a 0.23 percent hike.

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The broader All Shares index was up 8.57 points or 0.24 percent to 3,591.66.

Gainers edged losers 95 to 85 with57 stocks unchanged. Trading turnover reached P4.73 billion.

The peso closed at 56.25 to the dollar, down from 56.08 on Tuesday.

The currency opened at 56.14 to the dollar and hit  a high of 56.12 and a low of 56.28.

Trading turnover reached $1.12 billion.

Most Asian currencies inched lower on Wednesday as traders remained cautious ahead of a key US inflation reading due Thursday that could give clues on the timing of rate cuts by the Federal Reserve.

Markets currently anticipate June to be the starting point of the Fed’s easing cycle compared with March at the start of the year.

Investors are also looking out for any signals on policy easing by regional central banks, with recent inflation prints from Southeast Asian economies showing downward trend.

Claire Alviar, analyst at Philstocks Financial Inc., said investors took to bargain hunting with the optimism spurred by the World Bank’s expectation that the Philippines’ inflation will likely stay within 2 to 4 percent this year.

“Strong earnings results from 2023 also provided positive sentiment,” Alviar said.

Most actively traded BDO Unibank Inc. was up P4.20 to PP148. Ayala Corp. was down P4 to P688. International Container Terminal Services Inc. was down P3 to P285. Ayala Land Inc. was steady at P35.10. PLDT Inc. was up P10 to P1,297. Jollibee Foods Corp. was up P0.20 to P272. Bank of the Philippine Islands was down P0.70 to P121.20. Metropolitan Bank and Trust Co. was up P1 to P62.95. SM Prime Holdings Inc. was up P0.20 to P32.50. SM Investments Corp. was down P8 to P913.

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