NextGen Day

Due to a pullback, the local stock gauge finished the week in negative territory, while the peso gained versus the US dollar.

The Philippine Stock Exchange index (PSEI) fell 1.27 percent, or 85.29 points, to 6,633.22 points after a four-day rise.

All other counters followed suit, with the All Shares index down 0.43 percent, or 17.91 points, to 4,123.72 points.

The sectors indexes that dropped the most were Holding Firms, which lost 1.63 percent.

The property was down 1.27 percent, while Financials was down 0.98 percent, Industrial was down 0.62 percent, Mining and Oil were down 0.60 percent, and Services was down 0.49 percent.

A total of 2.04 billion shares worth PHP6.3 billion were traded.

At 113 to 78, advancers outnumbered decliners, with 47 shares remaining unchanged.

The increase in coronavirus disease 2019 (Covid-19) cases in the nation, partially owing to the Delta variety, and its effect on the quarantine categorization, according to Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort.

However, Ricafort believes that this will be offset by the delivery of additional Covid-19 vaccinations and an increase in the number of individuals who have been vaccinated against the virus.

He also highlighted the government’s increased infrastructure program as a role in the coming days, as well as events in the United States, such as the Federal Reserve’s choices and economic prints in the world’s biggest economy.

From August 21 to August 31, Metro Manila’s quarantine classification was reduced from the toughest category, enhanced community quarantine (ECQ), to modified ECQ.

Meanwhile, the peso finished the week at 50.37 per dollar, up from 50.55 the day before.

It started at 50.48 and moved between 50.54 and 50.3, with a daily average of 50.424.

Volume was USD977.6 million, down from USD1.08 billion the previous day.

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