NextGen Day

MANILA, Philippines — On Wednesday, optimism returned to the local stock exchange with news of a reduction in hostilities between Ukraine and Russia, and the peso rose against the US dollar.

The Philippine Stock Exchange index (PSEi) increased 1.95 percent to 7,452.82 points, a gain of 142.88 points.

With a gain of 1.82 percent, or 70.34 points, to 3,930.54 points, All Shares followed the main index.

Property rose 3.99 percent, followed by Services (2.40 percent), Industrial (1.70 percent), Mining and Oil (1.64 percent), Holding Firms (1.06 percent), and Financials (0.69 percent) in the sector indexes.

A total of 1.16 billion shares worth PHP9.53 billion were traded.

At 123 to 63, advancers outnumbered decliners, with 49 shares remaining unchanged.

“Philippine stocks recovered when Russia appeared to back away from an immediate invasion of Ukraine, easing geopolitical anxieties that had dragged the stock market down in recent days,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

According to reports citing the Russian Defense Ministry, soldiers stationed near Ukraine’s borders have been ordered to return to their posts following training exercises.

The local currency closed at 51.285 against the greenback, down from 51.382 the day before.

It opened at 51.319 and moved between 51.34 and 51.27 throughout the day. The average value was 51.296.

Volume jumped to USD596.1 million from USD560.28 million the previous day.

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