NextGen Day

MANILA, Philippines — Despite geopolitical concerns outside, positive feelings dominated the local stock exchange on Thursday, and the peso maintained its position versus the US dollar.

The Philippine Stock Exchange index (PSEi) rebounded to 7,388.09 points, up 1.15 percent or 84.07 points.

The Dow Jones Industrial Average rose 0.97 percent, or 37.68 points, to 3,918.42 points.

Services, 2.35 percent; Holding Firms, 1.10 percent; Property, 1.05 percent; Industrial, 0.88 percent; and Financials, 0.21 percent, lagged Mining and Oil by 4.83 percent.

A total of 1.82 billion shares worth PHP8.26 billion were traded.

At 121 to 76, advancers outnumbered decliners, with 41 shares remaining unchanged.

The major index improved, according to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), despite higher oil costs on the worldwide market.

This was attributed in part to Federal Reserve chair Jerome Powell’s declaration that he was willing to recommend a 25 basis point boost in the Fed’s key rates at the FOMC meeting later this month, or possibly more aggressive hikes later in the year.

According to Limlingan, US monetary authorities expect inflation to peak and begin to decrease this year, after reaching a four-decade high of 7.5 percent in January.

As a result of these occurrences, the local currency ended the day at 51.5, down from 51.42 on Wednesday.

It started the day at 51.43 and fluctuated between 51.5 and 51.42 during the day.

For the day, the average level was 51.47.

Volume fell to USD789.38 million from USD1.03 billion the day before.

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