Continued bargain hunting pushed stock prices up yesterday.
The peso closed lower.
The Philippine Stock Exchange index (PSEi) was up 10.84 points, a 0.17 percent hike to 6,385.52.
The broader All Shares index was up 6.33 points or 0.19 percent to 3,419.21.
Gainers edged losers 113 to 76 with 59 stocks unchanged. Trading turnover reached P5.17 billion.
The peso closed at 56.98 to the dollar, down from 56.95 on Wednesday.
The currency opened at 56.888, an intraday high, and hit a low of 56.98. Trading turnover reached $980.6 million.
Skittishness over riskier assets, stoked by hawkish Fed rhetoric and the prospects of higher-for-longer US interest rates, has lured investors towards the safety of the dollar, which is trading near a 10-month high against a basket of its peers.
Mikhail Philippe Pleponio, analyst at Philstocks Financial Inc., said this is the market’s sixth day of uptick.
“Investors seemed to continue with their hunt for bargains with hopes pinned on the resilience of the corporate sector amid the lingering economic headwinds,” Pleponio said.
Most actively traded BDO Unibank Inc. was down P0.10 to P141.40. Aboitiz Power Corp. was up P1.20 to P35.70. Bank of the Philippine Islands was down P1 to P111. Ayala Corp. was up P4 to P630. SM Investments Corp. was down P3.50 to P846.50. SM Prime Holdings Inc. was steady at P31. Aboitiz Equity Ventures Inc. was up P1.95 to P50.15. International Container Terminal Services Inc. was down P0.60 to P208. PLDT Inc. was up P38 to P1,228. Robinsons Land Corp. was up P0.24 to P15.20.
