The Philippine Stock Exchange index (PSEi) was up 68.82 points to 6,855.44, a 1.01 percent hike.
The broader all shares index was up 21.47 points to 4,225.58, a 0.51 percent hike.
Losers edged gainers 120 to 65 with 55 stocks unchanged. Trading turnover reached P14.85 billion.
The peso closed at 49.76 to the dollar, up from Friday’s 49.955.
The currency opened at 49.83 and hit a high of 49.65 and a low of 49.87. Trading turnover reached $848.73 million.
The peso, the outlier in the region, declined 0.3 percent on Tuesday but was set to add 0.4 percent in August.
Mike Ricafort, chief economist at Rizal Commercial Banking Corp., said this is the second straight day for the peso to appreciate versus the dollar in the backdrop of a “less hawkish
Fed statements during the Jackson Hole Symposium, with no timing mentioned on any tapering schedule despite being appropriate in 2021 and more dovish statements in terms of not in a hurry on Fed rate hikes.”
“As a result of less hawkish Fed statements during the Jackson Hole Symposium, the US dollar declined to new two-week lows versus major global currencies, thereby partly supporting the latest appreciation of the peso,” he said.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said last minute buying pushed the market up.
“For most of the day however, the market was in the negative territory, plunging as low as 6,651.01. This came as investors priced in the wider economic losses brought by the extension of the strict quarantine measures in the National Capital Region and in other areas of the country,” he said.
“COVID-19 worries also weighed on sentiment amid the continuous surge in our daily new cases with Sunday (August 30, 2021) registering a record high of 22,366,” he added.
Foreign funds were net buyers worth P306.96 million.
“Net foreign buying is already on a 6-day streak averaging P390.10 million per day,” Tantiangco said.
Most actively traded Ayala Corp. was up P0.50 to P792.50. Bank of the Philippine Islands was up P0.30 to P83.20. Globe Telecom Inc. was down P128 to P2,720. PLDT Inc. was down P2 to P1,465. SM Investments Corp. was up P34 to P1,009. Ayala Land Inc. was up P0.25 to P33.75. AC Energy Corp. was up P0.39 to P9.59. SM Prime Holdings Inc. was steady at P34. JG Summit Holdings Inc. was steady at P64.90. Aboitiz Power Corp. was up P1.80 to P28.
