Share prices closed higher Monday on bargain- hunting.
The peso closed down.
The Philippine Stock Exchange index (PSEi) was up 15.75 points, a 0.24 percent hike to 6,671.12.
The broader All shares index was up 8.64 points or 0.24 percent to 3,573.06.
Gainers edged losers 102 to 83 with 45 stocks unchanged. Trading turnover reached P4.75 billion.
The peso closed at 54.88 to the dollar, down from 54.82 on Friday.
The currency opened at 54.80 and hit a high of 54.76 and a low of 54.915. Trading turnover reached $810.1 million.
Most Asian currencies strengthened on Monday against a weak dollar, while China’s modest growth target and US Federal Reserve Chair Jerome Powell’s looming testimony prompted investors to turn cautious, Reuters reported.
Separately, a slew of economic data in the US rekindled market fears that the Fed will resort to aggressive interest rate hikes, with the spotlight now on the February jobs report due on Friday.
Luis Limlingan, managing director at Regina Capital and Development Corp. (RCDC) said the market closed up “slightly” as investors await the release of the country’s February inflation data today.
“Tomorrow’s (today’s) consumer price index release may have a huge influence in the direction of the Bangko Sentral ng Pilipinas policy stance for the subsequent meetings,” he said.
Most actively traded BDO Unibank Inc. was up P1.20 to P127. International Container Terminal Services Inc. was up P7 to P207. Ayala Land Inc. was up P0.30 to P28.65. SM Prime Holdings Inc. was up P0.05 to P35.55. Universal Robina Corp. was up P0.10 to P135.10. Robinsons Land Corp. was down P0.10 to P14.80. Bank of the Philippine Islands was down P2.10 to P105.80. Metro Pacific Investments Corp. was up P0.02 to P4.52. SM Investments Corp. was down P10 to P886. Globe Telecom Inc. was up P24 to P1,874.
