NextGen Day

MANILA, Philippines — On Tuesday, bargain hunters boosted the main stock index, but the peso traded sideways against the US dollar ahead of the Federal Reserve’s rate decision.

The Philippine Stock Exchange index (PSEi) rose 2.98 percent to 7,019.92 points, an increase of 202.97 points.

The Dow Jones Industrial Average rose 1.53 percent, or 55.58 points, to 3,694.07 points.

Property rose 3.51 percent, Financials rose 3.07 percent, Holding Firms rose 2.95 percent, Industrial rose 2.05 percent, and Services up 0.72 percent throughout the day.

Only Mining and Oil ended the day in the red, with a 3.70 percent drop.

3.61 billion shares were traded, totaling PHP9.61 billion.

At 138 to 76, decliners outnumbered advancers, with 36 shares remaining unchanged.

“Investors have transformed into bargain hunters, with many anticipating the Federal Reserve’s next monetary policy decision later this week amid the ongoing conflict in Ukraine and rising inflation,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

The Federal Open Market Committee (FOMC) will meet on March 15 and 16, and it is widely expected to begin raising interest rates, owing to the acceleration of the US consumer price index (CPI), which surged to a new four-decade high annual pace of 7.9% in February.

The Federal Reserve is expected to raise interest rates by 25 basis points this week, from zero to 0.25 percent.

Meanwhile, the peso finished the day at 52.415 per dollar, down from 52.475 the day before.

It opened at 52.495 and moved between 52.495 and 52.33 throughout the day.

For the day, the average level was 52.402.

Volume reached USD1.01 billion, up from USD806.55 million in the previous session.

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