Share prices rose Wednesday amid continued increase in risk appetite.
The peso ended lower.
The Philippine Stock Exchange index was up 22.49 points to 7,402.81, a 0.3 percent hike.
The broader All Shares index went up 7.50 points or 0.19 percent to 3,970.86.
Losers edged gainers 114 to 91 with 56 stocks unchanged. Trading turnover reached P4.33 billion.
The peso closed at 56.178 to the dollar, down from 56.145 on Tuesday.
The currency opened at 56.38 and hit a high of 56.03 and a low of 56.42.
Trading turnover reached $1.95 billion.
Emerging Asian stocks were largely subdued on Wednesday after escalating tensions in the Middle East fuelled concerns of a broader regional conflict, prompting investors to seek refuge in safe-haven assets, including the US dollar.
Investors are now awaiting inflation figures from the Philippines on Friday, expecting it to determine the pace of future interest rate cuts by the Bangko Sentral ng Pilipinas (BSP).
As inflation is forecast to continue its downward trend, market expectations are mounting the BSP could further lower rates at its two remaining policy meetings this year, in October and December.
Luis Limlingan, managing director at Regina Capital and Development Corp., said the market managed to eke out gains despite rising Middle East tensions weighing on investor sentiment and a workers’ strike hitting the largest economy globally on a “tepid” turnover.
Most actively traded International Container Terminal Services Inc. was up P11.80 to P416.20. Globe Telecom Inc. was up P30 to P2,430. Ayala Land Inc. was steady at P37.50. BDO Unibank Inc. was up P3.50 to P160.80. Metropoltan Bank and Trust Co. was down P0.25 to P80. SM Investments Corp. was up P10 to P987. China Banking Corp. was up P2.80 to P56. JG Summit Holdings Inc. was up P0.15 to P27.95. Ayala Corp. was down P3.50 to P685. Bank of the Philippine Islands was down P0.70 to P137.80.
