NextGen Day

MANILA, Philippines — Despite the volatility generated by the Ukraine-Russia crisis, the local stock market took a respite on Wednesday, and the local currency completed the day flat versus the US dollar.

The Philippine Stock Exchange index (PSEi) climbed 0.17 percent, or 12.15 points, to 6,989.88 points, after many days of concluding in the red.

The Dow Jones Industrial Average fell 0.19 percent, or 7.17 points, to 3,732.35 points.

Financials were up 1.44 percent, Services were up 1.15 percent, Industrial was up 0.81 percent, and Property was up 0.09 percent on the day.

Mining and Oil, on the other hand, fell 6.83 percent, while Holding Firms fell 1.25 percent.

The total volume was 16.8 billion shares worth PHP10.73 billion.

At 102 to 108, advancers outnumbered decliners, with 33 shares remaining unchanged.

“Investors examined the ramifications of the Ukraine-Russia war on the direction of global economy as Philippine equities closed modestly higher in a still wildly erratic trading week,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Following US President Joe Biden’s remarks that the US will restrict Russian oil imports, oil prices went even higher.

WTI crude oil prices increased as much as 7%, but ended the day up 3.6 percent to USD123.7 per barrel, while Brent crude oil prices rose 4.3 percent to USD123.21 per barrel.

Meanwhile, the local currency finished the day at 52.23, down from 52.32 the previous session.

It started the day at 52.28 and fluctuated between 52.31 and 52.15 during the day.

For the day, the average level was 52.239.

Volume was USD1.14 billion, down from USD1.33 billion the day before.

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