NextGen Day

The Philippine Stock Exchange index (PSEi) closed Tuesday in the red ahead of the release of some key economic statistics in the United States, but the peso gained ground against the dollar.

Following a few days of gains, the main stock index fell 0.77 percent, or 54.98 points, to 7,085.69 points.

All other counters were down on the day, with the All Shares down 0.64 percent, or 24.42 points, at 3,775.46 points.

The Mining and Oil index, which fell 1.37 percent, was followed by Property, which fell 1.29 percent, Industrial, which fell 0.89 percent, Holding Firms, which fell 0.54 percent, Services, which fell 0.44 percent, and Financials, which fell 0.37 percent.

With 877.97 million shares worth PHP6.9 billion traded, the volume was light.

At 105 to 82, decliners outnumbered advancers, with 43 shares remaining unchanged.

“Philippine shares ended the day lower ahead of significant US inflation data releases and central bank statements that could provide insight into the future of monetary policy,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Jerome Powell, the head of the Federal Reserve, is due to testify before a Senate committee on his nomination late Tuesday (Manila time).

On a local level, movement restrictions in the National Capital Region (NCR) and elsewhere were maintained at Alert Level 3 till January 15, despite a jump in daily coronavirus disease 2019 (Covid-19) cases to over 33,000 on Monday.

On Monday, the country had 33,169 daily infections, but the Department of Health (DOH) said on Tuesday that the number of cases had dropped to 28,007.

In the meantime, the local currency completed the day at 51.14 to the US dollar, up from 51.31 the day before.

It began trading at 51.25 and fluctuated between 51.275 and 51.07.

For the day, the average level was 51.174.

Volume was USD1.22 billion, up from USD919.22 million in the previous session.

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