Share prices rose Monday on increased risk appetite as investors look forward to the meeting of the US Federal Reserve this week.

 The peso closed up as well.

The Philippine Stock Exchange index was up 81.35 points to 7,104.20, a 1.18 percent hike. 

The broader All Shares index was up 31.37 points or 0.83 percent to 3,820.

Gainers edged losers 115 to 85 with 53 stocks unchanged. Trading turnover reached P3.96 billion.

The peso closed at 55.888 to the dollar, up from 55.995 on Friday. The currency opened at 55.94, an intraday low, and hit a high of 55.83. Trading turnover reached $1.2 billion.

Asian currencies climbed on Monday in holiday-thinned trading, with investors focussing on this week’s Federal Reserve policy meeting where it is almost certain the central bank will cut its key interest rate, the only question being by how much, Reuters reported.

The Fed’s two-day monetary policy meeting beginning on Tuesday will take centre stage for the week. Expectations are for the central bank to kick-start an easing cycle, providing room for regional central banks to consider cutting rates.

Japhet Tantiangco, analyst at Philstocks Financial Inc., said optimism towards a possible rate cut by the US Fed in their meeting this week drove the local bourse higher. 

“The local currency which exhibited strength against the dollar in today’s trading also contributed to the market’s climb,” he said.

Most actively traded DigiPlus Interactive Corp. was up P0.96 to P18. International Container Terminal Services Inc. was up P2.40 to P413.40. BDO Unibank Inc. was up P3.70 to P159.90. Ayala Corp. was up P14 to P634. SM Investments Corp. was up P8.50 to P948.50. Monde Nissin Corp. was up P0.58 to P10.30. Universal Robina Corp. was up P1.10 to P92.80. Rizal Commercial Banking Corp. was up P1.05 to P24.45. Metropolitan Bank and Trust Co. was down P0.85 to P73.15. JG Summit Holdings Inc. was up P0.90 to P25.90.