NextGen Day

MANILA, Philippines — The local market index finished higher on Tuesday, despite continued fears about the Ukraine-Russia crisis, while the peso maintained its position versus the US dollar.

The Philippine Stock Exchange index (PSEi) rose 1.28 percent to 7,404.61 points, a gain of 93.60 points.

The Dow Jones Industrial Average increased 0.82 percent, or 31.96 points, to 3,921.05 points.

The majority of the sectoral indices rose in lockstep with the main index, with Holding Firms up 3.36 percent, Mining and Oil up 2.04%, Services up 1.39 percent, and Financials up 0.92 percent.

Industrial, on the other hand, declined 0.74 percent, while Property fell 0.09 percent.

A total of 1.005 billion shares worth PHP7.84 billion were traded.

At 135 to 60, advancers outnumbered decliners, with 49 shares remaining unchanged.

“As investors processed the new wave of sanctions from the West on Russia, Philippine equities made another comeback,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

According to news sources, the United States, the United Kingdom, the European Union, and Canada have placed additional sanctions on Russia that target financial institutions, including the country’s central bank.

This comes after Russia’s invasion of Ukraine, branded a “special operation” by the former.

Despite concerns about the geopolitical scenario overseas, the local currency held its ground versus the greenback, finishing the day at 51.23, barely changed from its previous closing of 51.27.

It opened at 51.24 and moved between 51.295 and 51.21 throughout the session.

For the day, the average was 51.249.

Volume increased to USD942.21 million from USD780.5 million on Monday.

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