Stocks up, peso down

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    Share prices ended higher as investors positioned their holdings ahead of the release of quarterly earnings.

    The Philippine Stock Exchange index (PSEi) was up 66.04 points to 6,344.63, a 1.05 percent hike.

    The broader all shares index was up 27.9 points to 3,788.75, a 0.74 percent hike.
    Losers edged gainers 112 to 100 with 43 stocks unchanged. Trading turnover reached P9.81 billion.

    The peso closed at 48.60 to the dollar, down from 48.585 on Wednesday.

    The currency opened at 48.55, an intraday high and hit a low of 48.61. Trading turnover reached $614.4 million.

    Luis Limlingan, managing director at Regina Capital Development Corp., said the market at the same time “continued its strong runup on continued stimulus noise with US Speaker of the House Nancy Pelosi indicating progress on a deal.”

    “Pelosi and US Treasury Secretary Steve Mnuchin may be close to a stimulus deal. The House speaker said she ‘has a prospect for an agreement’ with the Treasury secretary, but it may not come together in time to pass before the Nov. 3 election,” he said.

    Most actively traded Ayala Land Inc. was up P1 to P33.50. Ayala Corp. was up P12 to P744. BDO Unibank Inc. was up P1.80 to P95.75. Jollibee Foods Corp. was up P0.50 to P170.50.

    SM Investments Corp. was up P24 to P945. SM Prime Holdings Inc. was up P1.05 to P33.50. PLDT Inc. was down P17 to P1,335. Bank of the Philippine Islands was down P2.80 to P73. Metro Pacific Investments Corp. was up P0.04 to P3.99. Metropolitan Bank and Trust Co. was down P0.40 to P41.75.