Share prices ended higher Thursday on bargain-hunting.
The peso closed lower.
The Philippine Stock Exchange (PSE) index was up 53.67 points, a 0.89 percent hike to 6,094.71.
The broader All shares index was up 22.41 points or 0.68 percent.
Losers edged gainers 89 to 84 with 51 stocks unchanged. Trading turnover reached P5.98 billion.
The peso closed at 56.855 to the dollar, down from 56.81 on Wednesday.
The currency opened at 56.90 and hit a high of 56.82 and a low of 56.95. Trading turnover reached $815.28 million.
Asian currencies fell on Thursday as capital outflows and the US Federal Reserve’s hawkish stance on monetary policy that boosted Treasury yields and strengthened the dollar dampened risk sentiment, Reuters reported.
The US central bank held interest rates steady on Wednesday and projected a further rate increase by the end of the year, saying monetary policy was likely to be significantly tighter through 2024 than previously thought.
The dollar index, which measures the currency against a basket of rivals, rose as high as 105.59 on Thursday, its strongest since March 9.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market went up despite the US Fed saying it would leave interest rates unchanged.
“(US Fed chairman Jerome) Powell had commented that a soft landing for the economy was still possible, but not his baseline scenario,” Limlingan said.
Mikhail Pleponio, analyst at Philstocks Financial Inc., said investors “saw bargain-hunting opportunities as the local bourse has declined for four straight days.”
The Philippine Stock Exchange said it is revamping its index to replace Metro Pacific Investments Corp. (MPIC) and Aboitiz Power Corp. ( with Bloomberry Resorts Corp. and Century Pacific Food Inc., after the two firms missed the minimum public float required of index stocks of 20 percent.
The PSE said the change in PSEi composition will take effect September 26.
MPIC’s float dropped after the recent management-led tender offer for publicly-owned shares. AboitizPower had its float drop following an ongoing share buyback program.
AboitizPower will also be removed from the PSE Dividend index and from the Industrials sub-index. It will be replaced by Robinsons Retail Holdings Inc. in the PSE Dividend index. MPIC will also be removed from the Holding Firms index.
Most actively traded Aboitiz Power Corp. was down P0.75 to P30. Century Pacific Food Inc. was up P0.60 to P31. Bloomberry Resorts Corp. was down P0.12 to P11. BDO Unibank Inc. was up P3.20 to P131. SM Prime Holdings Inc. was up P1 to P29.95. SM Investments Corp. was up P4 to P793.50. Bank of the Philippine Islands was steady at P107. Ayala Land Inc. was up P0.70 to P27.50. International Container Terminal Services Inc. was down P1.20 to P202.80. Metropolitan Bank and Trust Co. was up P0.95 to P53.50.
