NextGen Day

On Wednesday, the main stock index rose again on bargain hunting, while the peso followed suit after several days of depreciation.

The Philippine Stock Exchange index (PSEi) rose 44.25 points to 7,502.48 points, up 0.59 percent.

All Shares rose 22.40 points, or 0.57 percent, to 3,951.58 points.

Property rose 2.35 percent, Services 1.31 percent, Mining and Oil 0.49 percent, Industrial 0.35 percent, and Financials 0.20 percent, with the majority of sectoral gauges tracking the main index.

Only holding companies lost ground during the day when the stock dropped 0.53 percent.

The entire volume was 975.43 million shares worth PHP8.41 billion.

Gainers outnumbered losers 112 to 89, with 58 shares remaining unchanged.

“Philippine stocks rose in tandem with Wall Street’s recovery as investors sought bargains ahead of Thursday’s crucial CPI (consumer price index) report,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Limlingan also mentioned a spike in US Treasury rates, with the benchmark 10-year tenor hitting 1.97 percent, its highest level since November 2019.

Local investors, on the other hand, pushed the PSEi slightly above 7,500 on the possibility of Metro Manila being placed on Alert Level 1 by March, he said.

In the meantime, the peso rose against the dollar, completing the day at 51.34, up from 51.5 on Tuesday.

It opened at 51.43 and moved between 51.445 and 51.32 throughout the day.

For the day, the average level was 51.377.

Volume fell to USD992.1 million from USD1.005 billion the previous day.

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