Share prices ended mixed yesterday as investors wait for a slew of news to chart the market’s direction.
The peso closed down.
The Philippine Stock Exchange index was up 5.08 points, a 0.08 percent hike to 6,585.20.
The broader all shares index was down 0.41 of a point or 0.01 percent to 3,436.
Losers edged gainers 102 to 84 with 52 stocks unchanged. Trading turnover reached P5.51 billion.
The peso closed at 55.65 to the dollar, down from 55.37 on Friday.
The currency opened at 55.40, an intraday high, and hit a low of 55.67. Trading turnover reached $683.95 million.
Claire Alviar, analyst at Philstocks Financial Inc., said the market bucked regional trends “amid optimism about the holiday season.”
Last minute profit-taking however trimmed the gains as investors await economic data in the US.
“Overseas, investors looked ahead to the US inflation rate and the meeting of the Federal Reserve. At home, those data would be relevant to the decision of the Bangko Sentral ng Pilipinas in their meeting. While waiting for these, many investors were seen on the sidelines,” she said.
Asian currencies broadly weakened on Monday ahead of crucial US consumer inflation data due this week, which could provide further clues on the Federal Reserve’s policy tightening path, Reuters reported.
As concerns over a potential recession in major economies grow, investors are considering how the US inflation print due on Tuesday will affect the Fed’s interest rate hike trajectory over the coming months.
The Fed is widely expected to raise rates by 50 basis points on Wednesday at its last meeting of 2022, though the focus will also be on the central bank’s updated economic projections and Fed Chair Jerome Powell’s press conference.
Most actively traded BDO Unibank Inc. was up P3.20 to P110.70. SM Investments Corp. was up P6 to P936. International Container Terminal Services Inc. was down P2 to P201. Globe Telecom Inc. was down P10 to P2,150. Ayala Land Inc. was down P0.10 to P29.10. Ayala Corp. was down P15 to P685. SM Prime Holdings Inc. was steady at P34.70. Jollibee Foods Corp. was up P5.20 to P242. PLDT Inc. was down P62 to P1,668. Manila Electric Co. was down P1.60 to P278.40.
