Share prices ended higher Wednesday as investors took to bargain-hunting after recent sessions of selling.
Most Southeast Asian stock markets edged higher with Philippines leading the pack after US President Donald Trump said the United States and China were close to agreement on the first phase of a trade deal.
The Philippine Stock Exchange index (PSEi) was up 129.09 points to 7,836.89, a 1.68 percent hike.
The broader all shares index was up 58.64 points to 4,685, a 1.27 percent hike.
The peso closed at 50.80 to the dollar, up from Tuesday’s 50.90.
The currency opened at 50.84, hit a high of 50.80 and a low of 50.92. Trading turnover reached $858.25 million.
“Post MSCI rebalancing, shares we heavily bought up by the market as investors brace for window dressing and the beginning on the Christmas rally,” Luis Limlingan, managing director at Regina Capital Development Corp.
“Investors are also optimsitically awaiting more details on the imminent trade agreement between the United States and China,” he added.
Limlingan also noted that even oil prices edged higher after news that US and Chinese officials discussed trade on Tuesday, “while predictions for a weekly draw on US crude stockpiles lent some support as well.”
Most actively traded Ayala Land Inc. was up P1.95 to P44.50. DMCI Holdings Inc. was up P0.24 to P6.80. Bank of the Philippine Islands was up P1.85 to P88.85. SM Investments Corp. was down P2 to P1,089. Alliance Global Group Inc. was up P0.40 to P11.18. Ayala Corp. was up P17.50 to P802. BDO Unibank Inc. was up P7 to P157. SM Prime Holdings Inc. was up P0.85 to P39.75. Aboitiz Equity Ventures Inc. was up P0.05 to P49. International Container Terminal Services Inc. was up P0.40 to P123.40.
Thai shares inched higher, lifted by energy stocks on overnight gains in crude oil prices.
Indonesian stocks ticked up after four straight sessions of falls.
Malaysian equities rose while Vietnam climbed 0.5 percent.