Share prices rose Monday on bargain -hunting.
The peso closed lower.
The Philippine Stock Exchange index (PSEi) was up 92.32 points to 6,604.25, a 1.41-percent hike.
The broader All Shares index was up 30.63 points or 0.88 percent to 3,507.76.
Gainers edged losers 118 to 74 with 49 stocks unchanged. Trading turnover reached P11.04 billion.
Monday marked the first trading day for miner OceanaGold Philippines Inc. after its P6.08- billion initial public offering (IPO). Oceana Gold share price dropped P0.82 after selling 456 million shares to the public at P13.33.
The peso closed at 57.86 to the dollar, down from 57.42 on Friday.
The currency opened at 57.63 and hit a high of 57.59 and a low of 57.87. Trading turnover reached $1.13 billion.
The Bangko Sentral ng Pilipinas (BSP) is expected to keep rates steady at 6.5 percent in its monetary policy meeting on Thursday.
“The BSP had previously given comments of support for the PHP (Philippine peso) and we believe that the USD (US dollar)/PHP can meet some limit near- term around the 58- mark,” said Alan Lau Sie Ping, a senior forex strategist at Maybank.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market went up on bargain hunting as investors anticipate slower US inflation rate, set for release by Wednesday.
At OceanaGold’s maiden listing, company president Joan Adaci-Cattiling said the mine’s operation will provide “substantial dividend returns to shareholders and most importantly to continue to give benefits to the government and the communities.”
OceanaGold holds the country’s first Financial and Technical Assistance Agreement (FTAA) which was executed in 1994 and was renewed on July 14, 2021 for an additional 25-year period commencing on June 19, 2019.
“This is truly a momentous occasion, a milestone not only for us, but for the Philippine mining industry and business sector in general. Not only is OceanaGold Philippines this year’s curtain raiser for initial public offerings, we are also the first holder of an FTAA to list on the stock exchange, and first mining firm to do so in over a decade,” Adaci-Cattiling said.
OceanaGold operates the Didipio gold and copper underground mine in Nueva Vizcaya. It is the first mining company to do an IPO after 12 years.
Most actively traded International Container Terminal Services Inc. was up 15.40 to P361. SM Investments Corp. was up P5 to P885. Ayala Land Inc. was up P0.55 to P27.75. SM Prime Holdings Inc. was up P0.05 to P26.80. BDO Unibank Inc. was up P3 to P141.80. Metropolitan Bank and Trust Co. was up P3.20 to P71.90. PLDT Inc. was up P55 to P1,460. Globe Telecom Inc. was up P40 to P1,830. Jollibee Foods Corp. was down P3.20 to P218.80.
