Share prices ended mixed Tuesday as investors digested developments in the local and the global markets.
The peso closed down.
The Philippine Stock Exchange index was up 41.84 points to 6,803.19, a 0.62 percent hike.
The broader All Shares index was up 12.48 points or 0.33 percent to 3,812.18.
Losers edged gainers 111 to 85 with 63 stocks unchanged. Trading turnover reached P5.45 billion.
The currency opened at 58.81 to the dollar, down from 58.68 on Monday.
The currency opened at 58.65 to the dollar and hit a high of 58.60 and a low of 58.83. Trading volume amounted to $1.47 billion.
Losses in currencies in developing nations around the world, and especially in emerging Asia, had widened since Donald Trump won the US presidential election, as traders weighed his touted policies of tariffs and the dollar rallied on expectation of slow interest rate cuts.
Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona told reporters a third rate cut was likely either at its December meeting or at its first meeting next year, and further reductions beyond that could be expected in 2025.
Citi analysts expect a 25-basis point (bps) easing in borrowing costs in December and a total of 75 bps of rate cuts over the course of next year.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market “managed to settle in the green” but gains were trimmed “as investors digested the latest statement from the BSP regarding rate cuts.”
“As per BSP Gov. Remolona, a pause in interest rate cuts is possible in the next rate-setting meeting in December,” Limlingan said.
Most actively traded Ayala Land Inc. was up P0.25 to P29.25. BDO Unibank Inc. was up P5.10 to P145.50. International Container Terminal Services Inc. was up P10.80 to P393.80. Bank of the Philippine Islands was down P2.10 to 138.10. SM Prime Holdings Inc. was up P0.60 to P28.60. Universal Robina Corp. was up P2.50 to P88.20. SM Investments Corp. was down P9 to P896. Metropolitan Bank and Trust Co. was down P0.65 to P73.80. DITO CME Holdings Inc. was down P0.21 to P1.58. Ayala Corp. was down P6 to P651.
