Share prices ended flat Monday as late- buying helped the market recover from early drop following profit-taking activities.
The Philippine Stock Exchange index (PSEi) was up 0.16 point to 6,658.85.
The broader all shares index was up 16.40 points to 3,961.12, a 0.42 percent hike.
Gainers edged losers 131 to 83 wit43 stocks unchanged. Trading turnover reached P8.02 billion.
The peso closed at 48.145 to the dollar, up from 48.22 on Friday. It opened at 48.15 and hit a high of 48.11 and a low of 48.18. Trading turnover reached $679.3 million.
Reuters reported that China, South Korea and Singapore led Asia’s trade-reliant stocks and currencies higher on Monday, after Joe Biden clinched the US presidential election, boosting risk appetite and hopes of friendlier policy towards the region and Beijing.
The US dollar fell to a 10-week low after more states were called for Biden on Saturday after days of counting, helping South Korea’s won scale its highest since February 2019 and the Singapore dollar touch its strongest level since the start of the year.
The tighter-than-expected election, which may leave Republicans in control of the Senate, appears to have doused some hopes for a large US fiscal package, but leaves the door open to less combative relations with China, the region’s key growth driver.
China’s yuan rose as much as 0.6percent to hit a 28-month peak, while Indonesia’s rupiah, whose high interest rates make it one of the region’s most popular local bond markets for foreign investors, gained 0.7percent.
“A Biden administration is seen as likely to take a less directly confrontational approach towards China,” said Khoon Goh, head of Asia Research for ANZ.
“The positive risk sentiment in markets should start to see portfolio inflows flooding back into Asia, which is supportive for the region’s asset markets.”
Yield’s on Indonesia’s 10-year benchmark bonds fell 9.7 basis points to 6.289percent, their lowest in almost three years. Bond prices rise as yields fall.
Singapore shares stuck around July highs, climbing over 1percent, while in Seoul stocks jumped to their highest level in more than two years.
SB Equities Inc. said the market “initially fell right after the opening bell” as investors took profit following last week’s rally.
Most actively traded Dito CME Holdings Corp. was down P0.23 to P5.88. SM Prime Holdings Inc. was up P1.10 to P35.85. BDO Unibank Inc. was up P0.65 to P92.65. Puregold Price Club Inc. was down P0.95 to P40.85. Ayala Land Inc. was down P0.30 to P34.70. Ayala Corp. was down P16 to P789. SM Investments Corp. was down P20 to P990. PLDT Inc. was up P18 to P1,398. MerryMart Consumer Corp. was up P0.29 to P4.14. International Container Terminal Services Inc. was steady t P125.