Share prices rose Wednesday on continued buy-up of investors, particularly foreign funds.
The peso closed down.
The Philippine Stock Exchange index was up 58.08 points to 6,679.96, a 0.88 percent hike.
The broader All Shares index was up 17.88 points or 0.51 percent to 3,511.44.
Gainers edged losers 90 to 86 with 65 stocks unchanged. Trading turnover reached P5.64 billion.
The peso closed at 56.30 to the dollar, down from 56.155.
The currency opened at 56.30 and hit a high of 56.20 and a low of 56.42. Trading turnover reached $1.38 billion.
Globally, investors are awaiting a spate of US-focused economic data including the release of fourth-quarter US gross domestic product figures on Thursday and the personal consumption expenditure price index on Friday that will help gauge inflation trends in the world’s largest economy.
Renewed strength in the US dollar, which traded near a 10-month high against its major peers, on the potential of higher-for-longer US interest rates pressured Asian currencies.
Claire Alviar, analyst at Philstocks Financial Inc., said a strong flow of foreign funds, recorded at a P341.09 million net buy, helped the market to continue its uptick.
“Moreover, the positive outlook for Philippine remittances, expected to grow by 3 percent this year despite overseas concerns,” she said.
Most actively traded BDO Unibank Inc. was up P2.80 to P144.80. Ayala Land Inc. was up P0.20 to P34.50. SM Investments Corp. was up P10 to P900. International Container Terminal Services Inc. was up P2.60 to P246. Jollibee Foods Corp. wasup P7 to P270. GT Capital Holdings Inc. was up P19 to P660. SM Prime Holdings Inc. was up P0.45 to P33.50. Universal Robina Corp. was steady at P112.40. Bank of the Philippine Islands was up P2 to P109.60. Bloomberry Resorts Corp. was up P0.32 to P10.76.
