SHARE prices ended higher yesterday as investors traded on the reported recovery of oil prices overnight.
The Philippine Stock Exchange index (PSEi) was up 25.80 points to 5,599.55, a 0.46 percent hike.
The broader all shares index was up 20.64 points to 3,408.81, a 0.61 percent hike.
Gainers edged losers 114 to 66 with 49 stocks unchanged. Trading turnover reached P4.37 billion.
The peso closed at 50.67 to the dollar, up from 50.80 on Wednesday.
The currency opened at 50.70, hit a high of 50.67 and a low of 50.74. Trading turnover reached $290 million.
“The local market rallied with strong leads as crude oil rebounded, providing some support to the market,” said Luis Limlingan, managing director at Regina Capital and Development Corp.
“The first WTI (West Texas Intermediate) contract rose 42 percent to $14.23 per barrel (bbl), while Brent finished +8 percent at $20.95/bbl — apparently supported by (US) President (Donald) Trump’s tweets instructing the US Navy to take military action on Iranian gun boats if they harass US ships at sea,” he said.
Limlingan also said expectation of a US economic recovery by the end of August gave the US market an incentive to go up overnight.
Most actively traded Jollibee Foods Corp. was up P2 to P136. PLDT Inc. was down P17 to P1,163. SM Investments Corp. was up P27 to P845. SM Prime Holdings Inc. was up P0.55 to P30.25. Dito CME Holdings Inc. was down P0.01 to P2.28. BDO Unibank Inc. was down P0.50 to P100. Ayala Corp. was down P30 to P563. Pure Gold Price Club Inc. was up P0.15 to P46.65.
