NextGen Day

📰 MANILA – Following President Ferdinand R. Marcos Jr.’s second State of the Nation Address (SONA), the local stock market and the peso closed with significant gains on Tuesday.

The Philippine Stock Exchange index (PSEi) concluded trading with a 29.86-point increase, reaching 6,661.11, with all counters showing positive performance. All shares rose by 13.67 points from the previous day’s trading, closing at 3,540.38.

The Mining and Oil sector led the gainers for two consecutive days, adding 103.23 points to end at 10,286.13. It was followed by the Industrial sector, which gained 48.21 points, reaching 9,346.42. The Holding Firms sector saw an increase of 15.95 points to close at 6,422.78, while Financials added 13.27 points, reaching 1,964.95. The Services sector gained 10.17 points, closing at 1,596.20, and the Property sector saw an increase of 8.56 points, ending at 2,715.07.

“Philippine shares notched a winning session ahead of the Fed’s (Federal Reserve) policy decision later tonight. The market widely expects the Fed to raise rates by 25 bps (basis points),” said Regina Capital Development Corp.’s head of sales, Luis Limlingan.

During the trading day, there were 90 gainers and 90 losers, with shares of 51 listed firms remaining unchanged. A total of 616.12 million shares were traded, amounting to PHP4.34 billion.

In the foreign exchange market, the peso appreciated by 0.21 against the United States dollar, reaching 54.55 from 54.76 the previous day. The local currency opened the day sideways at 54.60, following Monday’s kickoff at 54.68. The currency pair traded between 54.49 and 54.63, averaging at 54.56 to the greenback.

“For tomorrow, the peso exchange rate could range at the 54.45 to 54.65 levels,” forecasted Rizal Commercial Banking Corp.’s chief economist, Michael Ricafort.

The strong performance of both the stock market and the peso indicates positive investor sentiment and confidence in the Philippine economy ahead of the Federal Reserve’s policy decision. 🇵🇭💼

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