Share prices ended up Thursday as investors continued to bet on a Fed slowdown on rate hikes.
The peso continued to consolidate at the P56 level.
The Philippine Stock Exchange index was up 20.19 points, a 0.31 percent hike to 6,530.51.
The broader all shares index was up 6.28 points or 0.18 percent to 3,422.04.
Losers edged gainers 94 to 87 with 49 stocks unchanged. Trading turnover reached P5.89 billion.
The peso closed at 56.78 to the dollar, up from 56.94 on Wednesday.
The currency opened at 56.88 and hit a high of 56.68 and a low of 56.88. Trading turnover reached $868.5 million.
Japhet Tantiangco, analyst at Philstocks Financial Inc., said the market moved mostly sideways for the day before closing up, “driven by expectations of a slow down in the Federal Reserve’s and consequently, the BSP’s monetary tightening.”
“This came following the release of the Fed’s latest minutes of the meeting which shows that officials are leaning to smaller rate hikes in the near future,” Tantiangco said.
He added foreign funds also helped in the gains with foreign transactions registering a net inflow of P5.51 billion.
“This comes amid the peso’s strengthening,” he said.
Most actively traded Ayala Land Inc. was up P0.85 to P29.30. Ayala Corp. was up P20 to P695. International Container Terminal Services Inc. was down P1.50 to P184.50. Bank of the Philippine Islands was up P1 to P99. SM Investments Corp. was down P1 to P894. BDO Unibank Inc. was up P3.30 to P132.80. Universal Robina Corp. was up P0.30 to P132.80.
Metropolitan Bank and Trust Co. was up P0.45 to P54.20. Jollibee Foods Corp. was down P2 to P254. Converge ICT Solutions INc. was up P1 to P16.
