NextGen Day

MANILA, Philippines — On Wednesday, both the main stock index and the local currency gained ground, thanks in part to a drop in oil prices on the international market to below USD100 per barrel.

The Philippine Stock Exchange index (PSEi) climbed 6.53 points to 7,026.45 points, up 0.09 percent.

All Shares rose 19.61 points, or 0.53 percent, to 3,713.68 points.

Mining and Oil gained 2.21 percent, Industrial 1.74 percent, Services 0.55 percent, and Holding Firms 0.09 percent, all of which tracked the main index.

Property was down 0.95 percent, while Financials was down 0.41 percent.

A total of 1.32 billion shares worth PHP7.76 billion were traded.

At 119 to 59, advancers outnumbered decliners, with 55 shares remaining unchanged.

“On the back of decreasing oil prices and a lower than expected February US PPI (producer price index) data of 0.8 percent m/m (month-on-month), Philippine equities staged a rally to close modestly higher,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

PPI climbed by 0.8 percent month over month in February, less than the 0.9 percent gain expected and the 1.2 percent increase the prior month.

Brent crude, on the other hand, sank 6.54 percent to USD99.91 per barrel, while West Texas Intermediate (WTI) crude fell 6.38 percent to USD96.44 per barrel.

“Wall Street expects the Federal Reserve to raise rates for the first time since 2018,” Limlingan said.

The Federal Open Market Committee (FOMC) will convene on March 15-16, and given the impact of the consumer price index (CPI), among other factors, it is largely expected to begin raising the Federal Reserve’s key rates.

The CPI in the United States reached a new four-decade high of 7.9% in February, the highest since an 8.4% increase in January 1982.

Meanwhile, the local currency strengthened against the dollar, finishing the day at 52.31, up from 52.415 the day before.

It started the day at 52.375 and fluctuated between 52.375 and 52.2 during the day. For the day, the average level was 52.285.

The volume of trades increased to USD1.05 billion from USD1.01 billion the day before.

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