NextGen Day

The local stock index rose on Thursday as the economy expanded faster than expected in the fourth quarter of 2021, while the peso remained flat against the US dollar.

The Philippine Stock Exchange index (PSEi) increased by 19.91 points, or 0.27 percent, to 7,273.52.

The Dow Jones Industrial Average rose 0.14 percent, or 5.38 points, to 3,861.49 points.

Financials, 0.62 percent; Services, 0.62 percent; Industrial, 0.32 percent; and Property, 0.004 percent, were among the sectoral indexes that improved throughout the day.

Mining and oil, on the other hand, declined by 1.99 percent, while holding companies fell by 0.26 percent.

A total of 1.66 billion shares worth PHP6.25 billion were traded.

At 102 to 74, decliners outnumbered advancers, with 62 shares remaining unchanged.

“Philippine stocks defied the region’s decline as Q4 GDP (fourth-quarter gross domestic product) surprised on the upside,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

The Philippine Statistics Authority (PSA) announced during the day that the domestic economy expanded 7.7% in the fourth quarter of 2021, up from 6.9% in the previous quarter and -8.3 percent a year before.

The full-year growth rate was 5.6 percent, better than the government’s forecast of 5 to 5.5 percent.

“This was enough to lift mood,” Limlingan added, “since markets around the world have been selling off as Treasury yields have risen after Federal Reserve chair Jerome Powell warned the central bank will gradually eliminate support for the economy.”

Powell stated in a press conference following the Federal Open Market Committee’s (FOMC) two-day policy meeting on January 26 that rate normalization would likely begin in March of this year.

Meanwhile, the local currency remained stuck in a sideways range against the dollar, concluding Thursday at 51.34, up from 51.29 the day before.

It started the session at 51.45, down from 51.25 the previous session.

It traded between 51.45 and 51.295, averaging 51.393 for the day.

The volume was USD886.8 million, up from USD787.8 million on Wednesday.

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