NextGen Day

On Wednesday, risk-on attitude bolstered the Philippine Stock Exchange index (PSEi), although the peso fell against the US dollar.

The main stock index rose 1.32 percent to 7,458.99 points or 97.34 points.

The Dow Jones Industrial Average increased 0.74 percent, or 28.87 points, to 3,933.07 points.

The majority of the sectoral gauges also climbed during the day, with Property leading the way with a 3.02 percent gain.

Financials came in second with 2.50 percent, followed by Mining and Oil with 1.08 percent, Services with 0.74 percent, and Holding Firms with 0.58 percent.

The Industrial index was the only one to fall during the day, down 0.17 percent.

“Philippine stocks extended their winning streak as Wall Street stayed positive for three days in a row, refocusing its attention on earnings season,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Limlingan, on the other hand, stated gold prices in the international market had continued to fall “and were on track for their worst week since late November as rising prospects of US interest rate hikes pushed the dollar to a multi-month high.”

“Amid fears of restricted supplies as major producers continue their policy of modest output increases amid rising gasoline demand,” oil prices rose for the sixth week in a row.

Meanwhile, the recovery in the local stock market was not reflected in the local currency, which concluded the day at 51.045 against the US dollar, up from 50.95 the day before.

Due to the Chinese New Year vacation, there was no trading on Tuesday.

The local unit opened at 51.05 and traded between 51.18 and 50.99 throughout the day. The day’s average now stands at 51.102.

The overall volume was USD1.187 billion, up from USD980.79 million in the previous session.

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