Stocks, peso up

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    Market trading resumed yesterday with stocks ending higher and the peso closing stronger.

    The Philippine Stock Exchange index was up 16.48 points or 0.21 percent to 7,793.25.

    The broader all shares index was up a 0.80 points or 0.02 percent to 4,605.97.

    Losers edged gainers 111 to 83 with 54 stocks unchanged. Trading turnover reached P9.88 billion.

    The peso closed at 50.581 to the dollar, up from Friday’s close of 50.66.

    The currency opened at 50.40, hit a high of 50.37 and a low of 50.63. Trading turnover reached $1.41 billion.

    “Philippine shares were slowly bought up towards close as more investors felt assured that the damaged caused by the eruption would be short term. At the same time, others parked their funds into the US market, which reached record highs,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    Limlingan said investors also took to overseas leads in trading the market, “amid news the US will remove China from a list of currency manipulating countries, increasing optimism ahead of the signing of a key trade agreement.”

    “The US will no longer call China a currency manipulator. President Trump’s administration plans to lift the designation, first made in August, ahead of the signing of the phase one trade agreement on Wednesday in Washington, people familiar said. The Treasury Department will make the move in a semi-annual report, expected to be released soon,” he said.

    Most actively traded Ayala Corp. was down P0.50 to P794.50. SM Prime Holdings Inc. was down P0.95 to P41.05. Emperador Inc. was steady at P7.22. Ayala Land Inc. was down P0.45 to P43.90. BDO Unibank Inc. was up P1.70 to P154.70. SM Investments Corp. was down P2 to P1,077. Metropolitan Bank and Trust Co. was down P1.20 to P65.80.

    International Container Terminal Services Inc. was up P2.50 to P135. Bank of the Philippine Islands was up P0.30 to P86.80.