Share prices ended higher on Monday on bargain- hunting while the peso touched 55 to the dollar.
The peso lost 0.4 percent, declining for the ninth consecutive trading session.
The currency lost 2.1 percent last week, its worst week since June 2013.
Trading of the peso has skewed towards selling, as markets seem unconvinced the central bank’s pace of interest rate hikes will curtail inflation.
The peso closed at 54.78 to the dollar, up from from 54.985 on Friday.
The currency posted an intraday high of 55.15 and a low of 54.78, opening at 54.93. Trading turnover reached $1.18 billion.
The Philippine Stock Exchange index was up 21.26 points to 6,238.82, a 0.34 percent hike.
The broader all shares index was up 14.84 points to 3,352.47, a 0.44 percent hike.
Gainers edged losers 98 to 84 with 54 stocks unchanged. Trading turnover reached P5.24 billion.
Most Asian currencies moved higher as expectations of less hawkish moves from the US Federal Reserve slightly eased fears of a global economic recession, Reuters reported.
“While USD bulls may be tamed as recession fears are tempered, the case for unchecked rallies in (emerging market) Asia FX is hollow if not misguided”, said Mizuho Bank analyst Vishnu Varathan.
“Philippine shares started the week in the green as investors brace for the end of the semester,” said Luis Limlingan, managing director at Regina Capital and Development Corp. managing director.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said investors continued with their bargain hunting.
“The market also took cues from Wall Street’s positive performance last Friday. Trading remained tepid however as many remained on the sidelines due to the lingering risks including the further depreciation of the peso, inflationary risks stemming from the rising local fuel prices, and recession risks in the US,” he said.
Most actively traded Ayala Land Inc. was up P0.55 to P27.40. Converge ICT Solutions Inc. was up P1.08 to P19.58. Union Bank of the Philippines was up P0.55 to P76.50.
International Container Terminal Services Inc. was up P3 to P188. Bank of the Philippine Islands was down P2.50 to P85.50. Aboitiz Equity Ventures Inc. was down P0.05 to P51.45.
Universal Robina Corp. was up P6.20 to P101.50. BDO Unibank Inc. was up P0.30 to P118.10. Solar Power Nueva Ecija Corp. was up P0.11 to P1.65. SM Investments Corp. was down P2 to P799.50.
