NextGen Day

MANILA – On Thursday, risk-on sentiment boosted the local stock barometer, which benefited the local currency.

The Philippine Stock Exchange (PSEi) index increased by 1.37 percent, or 96 points, to 7,122.45.

The Dow Jones Industrial Average gained 1.25 percent, or 46.28 points, to 3,759.96.

The majority of sector indices tracked the main index, with Financials accounting for 3.39 percent, Services accounting for 1.90 percent, Property accounting for 1.31 percent, Holding Firms accounting for 0.64 percent, and Industrial accounting for 0.52 percent.

Only the Mining and Oil index finished in the red, falling 1.30 percent.

The total volume traded was 1.43 billion shares worth PHP7.5 billion.

At 123 to 62, advancers outnumbered decliners, while 49 shares remained unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), the Federal Open Market Committee’s (FOMC) decision to raise the Federal Reserve’s key interest rates by 25 basis points to between 0.25 and 0.50 percent boosted investor sentiment.

The rate increase is the first since December 2018 and was implemented to help contain the US consumer price index’s (CPI) rise.

Limlingan also cited the Federal Reserve’s hint of six additional rate hikes this year.

“Market movement was also influenced by positive developments in the ongoing peace talks between Ukraine and Russia, as reported in the media,” he explained.

Additionally, the statement by Socioeconomic Planning Secretary Karl Kendrick Chua that the government’s growth target for the year remains attainable despite the impact of geopolitical conflict overseas on domestic prices bolsters investor sentiment.

He added that economic activity is expected to improve further after the government reduced travel restrictions in the country to Alert Level 1, allowing for the continued expansion of schools that offer face-to-face instruction.

Meanwhile, the local currency ended the day at 52.14 per dollar, up from 52.31 on Wednesday.

It began the day at 52.18 and traded in a range of 52.22 to 52.1. The day’s average level was 52.167.

Volume was USD998.2 million, down from USD1.05 billion in the previous session.

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