MANILA, Philippines — The stock market opened the week on a stronger note, taking its cue from Wall Street.
The benchmark Philippine Stock Exchange Composite index (PSEi) rallied by 1.19 percent to close at 6,268.78. The broader All Shares index gained 0.73 percent to finish at 3,370.06.
“Philippine shares echoed the positive sentiment of the US which closed sharply higher last Friday ending several days of sell-offs with a rebound fueled by upbeat earnings, strong economic data, and easing fears of a larger-than-expected rate hike by the Federal Reserve,” Regina Capital said.
Most of the other indices finished in positive territory except for mining and oil and services.
Ayala Land was among the most actively traded stocks, soaring 10.2 percent to close at P24.85 per share followed by SM Investments Corp. which gained 0.77 percent to close at P781 each.
Ayala Corp. likewise gained traction, rising 4.17 percent to finish at P599.50 per share while ICTSI lost 0.78 percent to end at P178 per share.
Total value turnover reached P4.2 billion. Market breadth, however, was negative despite the market’s recovery, 91 to 89 while 55 issues were unchanged.
Asian currencies and equities firmed yesterday as investors dialled back bets of a bigger interest rate hike by the US central bank this month.
Major Wall Street indexes rallied on Friday after two Federal Reserve officials indicated the central bank would raise interest rates by 75 basis points at its July 26-27 meeting rather than a full percentage point hike.
China’s economic growth slowed sharply in the second quarter as widespread lockdowns to curb COVID-19 cases hit consumer spending and industrial activity.
Equities in South Korea climbed 1.8 percent to lead gains in Asia, followed by Singapore stocks.
Among currencies, the South Korean won climbed 0.7 percent to be the top gainer. The Singapore dollar rose 0.1 percent, while the rupiah was largely flat.