Share prices closed higher Wednesday on encouraging first quarter corporate results.
The peso closed up.
The Philippine Stock Exchange index (PSEi) was up 35.90 points, a 0.54 percent hike to 6,658.59.
The broader All Shares index was up 13.77 points or 0.39 percent to 3,546.10.
Losers edged gainers 105 to 73 with 57 stocks unchanged. Trading turnover reached P4.64 billion.
The peso closed at 55.67 to the dollar, up from 55.76 on Tuesday. The currency opened at 55.72, hitting a high of 55.67 and a low of 55.88. Trading turnover reached $1.41 billion.
Asian currencies and equities traded in narrow ranges on Wednesday, ahead of a critical report on US inflation later in the day that will give clues on the direction of future interest rates.
The Philippines revised downwards its fourth-quarter GDP growth to 7.1 percent from the previously reported 7.2 percent, the statistics agency said on Wednesday.
Some market strategists noted that investors were watching the developments in Washington, which is grappling with the possibility of a government default as early as June 1 if Congress fails to resolve the US debt ceiling deadlock.
Claire Alviar, analyst at Philstocks Financial Inc. said investors lauded the encouraging first quarter earnings results.
Market turnover, however, remain weak as investors wait for the release of the US April inflation figures overnight.
Most actively traded BDO Unibank Inc. was down P0.60 to P135.50. SM Prime Holdings Inc. was steady at P34. SM Investments Corp. was up P8 to P943. Emperador Inc. was up P0.10 to P20.95. Ayala Corp. was up P5 to P666.50. Universal Robina Corp. was up P0.90 to P154.80. Ayala Land Inc. was up P0.15 to P26.95. Bloomberry Resorts Corp. was up P0.66 to P11. Jollibee Foods Corp. was down P1.40 to P223.60.
