Share prices rose yesterday despite cautious sentiment among investors.
The peso closed down.
The Philippine Stock Exchange index was up 6.53 points to 7,413.16, a 0.09 percent hike.
The broader All Shares index was up 5.21 points or 0.13 percent to 4,085.50.
Gainers edged losers 99 to 94 with 55 stocks unchanged. Trading turnover reached $5.31 billion.
The peso closed at 57.88 down from 57.59 on Monday.
The currency opened at 57.69 and hit a high of 57.69 and a low of 57.92. Trading turnover amounted to $1.3 billion.
Most emerging Asian currencies retreated on Tuesday.
Upbeat US economic data and election polls favoring former President Trump have strengthened the dollar, signaling potentially higher interest rates for a longer duration.
In Asia, interest rates have been the main theme with a slew of central banks announcing their monetary policies in the recent weeks, mostly in line with market expectations.
The Bangko Sentral ng Pilipinas reduced its key interest rate by 25 basis points last week, while Bank Indonesia kept rates unchanged. The Bank of Thailand, however, delivered a surprise 25 bps rate cut, but indicated it was not the beginning of an easing cycle.
Philstocks Financial Corp., said the uptick is reflective of investors’ expectation of good third quarter corporate results.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors remained “cautious, opting to stay on the sidelines while awaiting fresh catalysts.”
In particular, investors will look to the third quarter corporate earnings that is slowly trickling from the US and locally, he said.
“Sentiment was dragged by US stocks, which declined on Monday, retreating after a strong performance last week, as investors awaited key corporate earnings reports. While sentiment remains largely positive, with optimism that equities have more room to advance, concerns about elevated valuations—particularly in the run-up to the US presidential election—along with rising geopolitical risks, could lead to increased market volatility,” Limlingan said.
Most actively traded BDO Unibank Inc. was down P1 to P164. Ayala Land Inc. was down P0.20 to P35.80. Bank of the Philippine Islands was up P0.50 to P143. Metropolitan Bank and Trust Co. was down P1.50 to P79. International Container Terminal Services Inc. was up P9 to P417.40. Monde Nissin Corp. was up P0.42 to P11.08. Jollibee Foods Corp. was up P2.60 to P278.60. Universal Robina Corp. was up P1.65 to P101. SM Investments Corp. was down P6 to P956. Globe Telecom Inc. was down P24 to P2,390.
