Share prices ended up Wednesday as investors took to buying stocks after a day of decline.
The Philippine Stock Exchange index (PSEi) was up 48.75 points to 6,934.11, a 0.71 percent hike.
The broader all shares index was up 12.29 points to 4,297.01, a 0.29 percent hike.
Losers edged gainers 109 to 85 with 49 stocks unchanged.
The peso closed at 50.865 to the dollar, up from Tuesday’s 51.
The currency opened at 50.95 and hit a high of 50.81 and a low of 51. Trading turnover reached $1.11 billion.
The Thai baht fell as much as 0.4 percent, hovering at its weakest since July 2017, ahead of a central bank meeting, Reuters reported. It is emerging Asia’s worst performing currency in 2021, having weakened over 11 percent against the dollar. Financial markets were also nervous about the broader impact of electricity shortages in China which have disrupted factories owned by suppliers to global companies such as Apple and Tesla.
China’s power squeeze from a shortage of coal supplies has shut factories across the country and will likely hamper its 2021 growth. This could have a knock-on effect on emerging Asian economies which count China as their biggest trading partner.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors returned to the market “as fund managers stayed away from US equities, which fell in an interest rate induced sell-off.”
“Prospect of the world’s leading central banks moving more aggressively to stamp out inflation rattled financial markets on Tuesday, with Treasury yields trading near three-month highs. Treasury yield hit 1.567 percent, its highest since June. Treasury Secretary (Janet) Yellen has sent a letter to congressional leaders stating that the debt limit needs to be suspended or raised by October 18,” he said.
Most actively traded Monde Nissin Corp. was down P0.80 to P17.82. AC Energy Corp. was down P0.40 to P11.30. Ayala Land Inc. was up P0.05 to P33.05. PLDT Inc. was down P46 to P1,631. Globe Telecom Inc. was up P24 to P2,946. Aboitiz Power Corp. was down P1.10 to P29.80. Converge Information and Communication Technology Solutions Inc. was up P0.85 to P38. GT Capital Holdings Inc. was down P15 to P515. SM Investments Corp. was up P10 to P987. International Container Terminal Services Inc. was up P4.80 to P200.
