NextGen Day

A day after the Eid al-Adha festival, the major index of the local stock exchange closed the day higher, although the peso fluctuated in line with the US dollar.

The PSEi, which measures performance on the Philippine Stock Exchange, increased by 8.64 points, or 0.13 percent, to 6,511.49.

All Shares increased by 0.06 percent, or 2.08 points, to 3,465.89 points in the following period.

Most sectors’ indices saw gains as well, led by Financials, which rose 1.09 percent, followed by Property, 0.75 percent, Industrial, and Holding Firms, 0.25 percent.

Services, however, experienced a 1.89 percent decline, and Mining and Oil, a 0.05 percent decline.

1.07 billion shares, or PHP6.79 billion, were traded.

At 94 to 79, decliners outnumbered advancers, while 51 shares remained the same.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippine shares edged higher on Thursday as investors digested Fed (Federal Reserve) Chair Jerome Powell’s latest comments about the tightening cycle.”

This follows Powell’s Wednesday forum remarks that additional rate hikes are imminent given the US’s present inflationary climate.

Due to a greater than anticipated reduction in US stockpiles, oil prices increased as well, rising by 2.8 percent for West Texas Intermediate (WTI) and 2.5 percent for Brent crude, respectively, to USD69.56 and USD74.03 per barrel.

The peso decreased from its Tuesday closing of 55.32 to 55.3 today against the US dollar.

It started the day at 55.32, a higher opening price than the previous session’s 55.67.

It fluctuated between 55.45 and 55.23, averaging 55.362.

Volume was down from USD1.03 billion last Tuesday to USD905.1 million.

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