Share prices ended higher Wednesday on bargain hunting.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 2.87 points or 0.04 percent to 6,471.84.
The broader all shares index was up 5.07 points or 0.15 percent to 3,461.51. Gainers edged losers 59 to 111 with 63 stocks unchanged. Trading turnover reached P6.33 billion.
The peso closed at 55.665 to the dollar, down from 55.595 on Tuesday. The currency opened at 55.67 and hit a high of 55.65 and a low of 55.85. Trading turnover reached $871.6 million.
Most Asian currencies were subdued on Wednesday as investors awaited US inflation data later in the global day.
Investors are watching for any signs that red-hot US inflation eased in July despite last week’s unexpectedly strong US jobs numbers, but even the slight pullback being forecast is unlikely to alter expectations of more sharp interest rate rises ahead.
The dollar index, which measures the strength of the greenback against six major currencies, edged slightly lower to 106.29 in Asian trade.
“Markets now are likely re-adjusting to the prospects that the end of the Fed hike cycle could be further out in terms of timing and terminal rates could be higher,” analysts from DBS said in a research note.
Claire Alviar, analyst at Philstocks Financial Inc., said last- minute bargain hunting pushed the market to close up. Investors, however, are still looking for a stronger leads to buy up the market, particularly the inflation situation in the US.
“Investors eye the inflation print in the US as it may tell how aggressive the Federal Reserve would be regarding its monetary tightening which may influence the decision of the Bangko Sentral ng Pilipinas on their next policy meeting,” Alviar said.
Most actively traded International Container Terminal Services Inc. was down P3 to P178.
BDO Unibank Inc. was down P2.20 to P112.80. SM Investments Corp. was up P4 to P809.
AC Energy Corp. was down P0.25 to P8.39. Ayala Land Inc. was steady at P26.35. SM Prime Holdings Inc. was up P0.35 to P37.65. Aboitiz Equity Ventures Inc. was down P0.80 to P57.35. PLDT Inc. was up P31 to P1,780. Manila Electric Co. was down P3.60 to P311.40. Emperador Inc. was up P0.08 to P19.06.
