Share prices ended up Monday on continued bargain-hunting.
The Philippine Stock Exchange index (PSEi) was up 75.55 points to 7,130.74, a 1.07 percent hike.
The broader all shares index was up 21.89 points to 3,812.09 a 0.58 percent hike.
Gainers narrowly edged losers 94 to 93 with 52 stocks unchanged. Trading turnover reached P6.55 billion.
The peso closed at 50.41 to the dollar, down from 50.36 on Friday.
The currency opened at 50.43 and hit a high of 50.32 and a low of 50.44. Trading turnover reached $690.84 million.
Asian currencies were broadly mixed on Monday, with Indonesia’s rupiah and the South Korean won leading losses against the US dollar, buoyed by increasingly hawkish commentary from the Federal Reserve and concerns over the new Omicron variant.
Japhet Tantiangco, analyst at Philstocks Financial Inc. said the Omicron variant concerns “took the backseat for now as investors focused more on our improving local COVID-19 (new coronavirus disease 2019) situation and its positive impact on our economic prospects.”
“According to the Department of Health, the Philippines is now under minimal risk with respect to its COVID-19 situation,” he said.
Monday’s trading marked the return to the usual long trading hours of the stock exchange, though it was marred by a late-hour technical glitch that halted trading less than an hour to trading closure, never to open again for the day.
“Despite the lengthened trading hours, net value turnover was anemic at P5.70 billion, below the year-to-date average of P7.46 billion. This implies that many have stayed on the sidelines amid the lingering uncertainties,” Tantiangco said.
Foreign funds were net sellers worth P269.52 million.
Most actively traded BDO Unibank Inc. was steady at P120. Converge Information and Communication Technology Solutions Inc. was up P1 to P32.50. AC Energy Corp. was down P0.20 to P11. International Container Terminal Services Inc. was up P5.90 to P199.90.
Globe Telecom Inc. was down P38 to P3,242. Bank of Philippine Island was up P3 to P93.80. Monde Nissin Corp. was down P0.22 to P16.50. PLDT Inc. was up P73 to P1,698.
Universal Robina Corp. was up P2.30 to P132.30. Ayala Land Inc. was up P1 to P35.50.
