Stocks up, peso down

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    Share prices ended higher on Tuesday as investors tracked overseas leads.

    The Philippine Stock Exchange index was up 44.66 points or by 0.56 percent to 7,991.19.

    The broader all shares index was up 12.92 points or by 0.27 percent to 4,787.17, a 0.27 percent hike.

    Gainers edged losers 97 to 81 with 56 stocks unchanged. Trading turnover reached P6.63 billion.

    The peso closed at 51.09 to the dollar, down from 51.08 on Monday.

    The currency opened at 51.08, hit a high of 50.98 and a low of 51.105.

    Trading turnover reached $1.04 billion.

    “Stocks climbed as rising optimism for a trade deal with China combined with solid earnings here as well as abroad and bets the Federal Reserve will cut rates,” said Luis Limlingan, managing director at Regina Capital Development Corp.

    “In the US, Monday’s move to a record high extended the second-longest ever bull market to 3,885 days, by far the second-longest ever, according to data from Bespoke Investment Group,” he added.

    Limlingan also said European leaders agreed in principle to extend Brexit until January 31, so the United Kingdom will not leave as planned on Thursday.

    Most actively traded SM Investments Corp. was up P3 to P1,027. Metropolitan Bank and Trust Co. was up P0.65 to P66. BDO Unibank Inc. was up P0.10 to P152.10. Ayala Land Inc. was up P0.20 to P49. Universal Robina Corp. was up P1 to P151.50. Alliance Global Group Inc. was up P0.34 to P11.96. Metro Pacific Investments Corp. was down P0.11 to P4.79. Jollibee Foods Corp. was up P6.80 to P229.80.