Share prices closed up Monday, tracking overseas leads.
The peso ended lower.
The Philippine Stock Exchange index was up 40.14 points, a 0.62 percent hike to 6,508.21.
The broader all shares index was up 14.45 points or 0.42 percent to 3,467.42.
Gainers edged losers 98 to 91 with 45 stocks unchanged. Trading turnover reached P2.45 billion.
The peso closed at 55.32 to the dollar, down from 55.20 on Friday.
The currency opened at 55.25 and hit a high of 55.04 and a low of 55.35. Trading turnover reached $1.26 billion.
The peso hit a more than two-month high on Monday, Reuters reported.
Claire Alviar, analyst at Philstocks Financial Inc., said the market went up in anticipation of slower headline inflation in June.
“The positive cues from overseas, particularly in Asia where most markets were trading in the green, further influenced the sentiment at home. Investors were particularly focused on digesting the Manufacturing PMI data, especially in China,” Alviar said.
The Bangko Sentral ng Pilipinas has forecasted inflation rate in June to settle within 5.3 percent to 6.1 percent, with a median rate expected to be lower than May’s 6.1 percent.
Alviar said foreigners also helped lifting the market, posting a net inflow of P221.97 million.
Most actively traded Jollibee Foods Corp. was up P1.20 to P240. BDO Unibank Inc. was up P2.30 to P140. Emperador Inc. was down P0.25 to P21.05. SM Investments Corp. was up P7 to P932. SM Prime Holdings Inc. was up P0.85 to P33.70. Ayala Land Inc. was up P0.45 to P24.75. Universal Robina Corp. was down P2.80 to P134.70. Bank of the Philippine Islands was down P0.40 to P108.40. Greenergy Corp. was down P0.11 to P1.08.
