Stocks, peso up

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    Share prices ended higher yesterday as investors took to cherry-picking stocks after recent drops.

    The Philippine Stock Exchange index (PSEi) was up 28.85 points or by 0.38 percent to 7,730.45.

    The broader all shares index was up 1.17 points or by 0.03 percent to 4,583.06.

    Losers edged gainers 138 to 51 with 52 stocks unchanged.

    Trading turnover reached P10.37 billion.

    The peso closed at 50.58 to the dollar, up from 50.635 on Tuesday.

    The currency opened at 50.60, hit a high of 50.58 and a low of 50.625. Trading turnover reached $670.14 million.

    “Investors bought back into the market after the spillover of positive sentiment from the US market, which touched fresh highs in yesterday’s trade from an upbeat mood tied to the preliminary US-China trade deal last week,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “While the ‘phase one’ deals signals a clear shift in the direction of US-China trade policy, markets have appeared similarly underwhelmed but are trading with a broadly risk-on tone as US walks in—likely in part due to the better activity data out of China. Improving growth data, a dovish Fed last week and lower concerns on both US-China trade tensions and Brexit have supported foreign funds to look back into their country of domicile,” Limlingan said.

    Most actively traded SM Investments Corp. was down P5 to P1,050. Ayala Land Inc. was steady at P45.75. Manila Water Co. Inc. was down P3.34 to P6. International Container Terminal Services Inc. was up P7.10 to P135. Ayala Corp. was up P8 to P760. SM Prime Holdings Inc. was down P0.30 to P40.50. Metropolitan Bank and Trust Co. was down P2.15 to P64.05. Bank of the Philippine Islands was down P2.70 to P84.60. Metro Pacific Investments Corp. was up P0.14 to P3.19. Jollibee Foods Corp. was up P1.40 to P225.