Share prices rose Tuesday on increased risk appetite with investors tracking overseas leads.
The peso closed down.
The Philippine Stock Exchange index was up 107.67 points to 7,380.32, a 1.48 percent hike.
The broader All Shares index was up 44.68 points or 1.14 percent to 3,963.36.
Gainers edged losers 124 to 73 with 60 stocks unchanged. Trading turnover reached P6.04 billion.
The peso closed at 56.145 to the dollar, down from 56.03 on Monday.
The currency opened at 56.20 and hit a high of 56.09 and a low of 56.32.
Trading turnover reached $2.22 billion.
This week, investors will monitor inflation data from South Korea and the Philippines to gauge the trajectory of monetary policies, while a key US jobs report will likely decide the Fed’s rate cut trajectory.
The Bangko Sentral ng Pilipinas (BSP) on Monday said it has room for a 50 basis-point cut, although 25 bps will be the norm.
Stockbroker Philstocks Financial Inc. said the market rode on the positive momentum from Wall Street overnight “amid the rate cut cues from Fed Chair Jerome Powell.”
“Expectations that inflation last September has further slowed down also contributed to today’s rally. Finally, investors appreciated the possibility of reserve requirement ratios being brought to 0 percent within BSP Governor Eli Remolona’s term,” it said.
Most actively traded BDO Unibank Inc. was downP 0.70 to P157.30. Globe Telecom Inc. was up P126 to 2,400. International Container Terminal Services Inc. was up P0.40 to P404.40. Bank of the Philippine Islands was up P3.40 to P138.50. Ayala Land Inc. was up P0.90 to P37.50. Ayala Corp. was up P17 to 688.50. SM Investments Corp. was up P21 to P977. SM Prime Holdings Inc. was up P0.95 to P33.25. Universal Robina Corp. was up P0.20 to P103.90. Metropolitan Bank and Trust Co. was up P1.65 to P80.25.
