Share prices and the peso closed up on Monday on bullish outlook on the local and global economy.
The Philippine Stock Exchange index was up 86.76 points to 7,554.68, a 1.16 percent hike.
The broader All Shares index was up 41.32 points or 1.02 percent to 4,082.97.
Gainers edged losers 129 to 79 with 49 stocks unchanged. Trading turnover reached P7.87 billion.
The peso closed at 56.825 to the dollar, up from 56.295 on Friday.
The currency opened at 56.64 and hit a high of 56.58 and a low of 56.84. Trading turnover reached $1.29 billion.
The US jobs report on Friday pointed to a resilient economy and spurred markets to reduce bets of outsized Federal Reserve rate cuts.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said investors continued to cheer the significant slowdown of the Philippines’ inflation last September as it strengthens the case for further monetary policy easing by the Bangko Sentral ng Pilipinas.
“Hopes that the Fed will also deliver more rate cuts also spurred optimism,” he said.
Most actively traded Ayala Corp. was up P25 to P740. International Container Terminal Services Inc. was up P9 to P429. SM Investments Corp. was up P5 to P1,000. BDO Unibank Inc. was up P2 to P160. Metropolitan Bank and Trust Co. was down P1.30 to P79.10. Ayala Land Inc. was up P1.25 to P38.25. Jollibee Foods Corp. was up P5.60 to P275. Globe Telecom Inc. was up P60 to P2,460. Puregold Price Club Inc. was up P2.65 to P33.85. Bank of the Philippine Islands was down P2.40 to P142.40.
