Share prices ended up Tuesday on bargain-hunting.
The Philippine Stock Exchange index (PSEi) was up 77.93 points to 7,458.23, a 1.06 percent hike.
The broader all shares index was up 29.57 points to 3,929.18, a 0.76 percent hike.
Gainers edged losers 116 to 77 with 51 stocks unchanged. Trading turnover reached P6.99 billion.
The peso closed at 51.50 to the dollar, down from 51.37 on Monday. The currency opened at 51.40, hitting a high of 51.38 and a low of 51.50. Trading turnover reached $1 billion.
Michael Ricafort, chief economist at Rizal Commercial Banking Corp. said the peso posted weakness as the campaign period for national candidates kicked off.
Forex traders also positioned ahead of the of the release of the latest US inflation data that could partly determine Fed rate hikes, he said.
Luis Limlingan, managing director at Regina Capital and Development Corp., said investors also took position in companies that will benefit from election-related spending as the campaign season takes off.
“Philippine shares were also bought as investors stayed away from overseas markets, and bought into index names ahead of the MSCI rebalancing and fourth quarter earnings,” he said.
“Overnight, the US equities whipsawed between gains and losses before retreating in the final hour ahead of the January consumer price index report on Thursday and on the back of the renewed tech sell-off. The consensus projects inflation to have accelerated by +7.2 percent — the fastest since February 1982, if ever,” he added.
Most actively traded Bank of the Philippine Islands was down P0.10 to P101.90.
International Container Terminal Services Inc. was up P11.60 to P216. Solar Power Nueva Ecija Corp. was down P0.02 to P2.18. Monde Nissin Corp. was up P0.14 to P15.74. BDO Unibank Inc. was down P0.80 to P135.50. SM Investments Corp. was up P26 to P976.
Emperador Inc. was up P0.25 to P23.20. Globe Telecom Inc. was down P58 to P3,054.
Security Bank Corp. was up P0.80 to P118.60. Aboitiz Power Corp. was up P0.55 to P36.25. (Malaya Buainess Insights)
