NextGen Day

On Thursday, the ongoing rise in US bond yields harmed the local stock market, while the peso took a respite against the greenback.

The Philippine Stock Exchange index (PSEi) fell 22.26 points to 7,239.28 points or 0.31 percent.

After rising 0.02 percent, or 0.59 points, to 3,855.84 points, All Shares drifted sideways.

The property fell 1.72 percent, Services 0.68 percent, and Holding Firms 0.12 percent, while half of the sectoral counters followed the main index.

Mining and oil, on the other hand, increased by 3.25 percent, while financials increased by 0.97 percent and industrials increased by 0.30 percent.

The total number of shares traded was 2.57 billion, worth PHP6.15 billion.

“Philippine stocks continued to fall, pushed down by persistently high bond yields and rising inflation,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Global oil prices rose for the fourth day in a row to a seven-year high, according to Limlingan, as “an outage on a pipeline from Iraq to Turkey raised fears about an already tight supply picture amid alarming geopolitical difficulties in Russia and the UAE.”

Brent crude futures increased by 1.06 percent to USD88.44 per barrel, while West Texas Intermediate futures increased by 1.8 percent to USD86.96 per barrel.

Meanwhile, the local currency strengthened against the greenback, ending the day at 51.34, up from the previous day’s close of 51.5.

It started the day at 51.45, unchanged from the previous day’s start of 51.47.

During the day, it rose to 51.34, but it also fell to 51.485 in mid-trading. This resulted in a daily average of 51.428.

Volume was USD858.95 million, up from USD754.2 million in the previous session.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---