NextGen Day

MANILA, Philippines — On Thursday, bargain hunters boosted the local stock index, while the peso strengthened to 51 centavos against the US dollar.

The Philippine Stock Exchange index (PSEi) climbed 36.45 points, or 0.51 percent, to 7,203.47.

The Dow Jones Industrial Average rose 0.45 percent, or 17.08 points, to 3,811.83 points.

The majority of sectoral counters also climbed during the day, with Holding Firms leading the way with a 1.03 percent increase.

Financials came in second with 0.78 percent, followed by Industrials with 0.68 percent, Services with 0.67 percent, and Mining and Oil with 0.38 percent.

Only the Property index, which lost 0.65%, finished in negative territory.

A total of 1.49 billion shares worth PHP7.8 billion were traded.

At 110 to 83, advancers outnumbered decliners, with 49 shares remaining unchanged.

“Investors bought up into the Philippine market to conclude the first quarter of 2022 while keeping a close eye on developments in Ukraine and the diminishing signs of progress in the peace talks with Russia,” Regina Capital Development Corporation’s head of sales, Luis Limlingan, said.

Given the inverted yield curves of the five-year and the 30-year US, Treasuries registered earlier this week, a first in six years, and the spread between the two-year and 10-year approaching inverting, Limlingan mentioned the possibility of a recession in other countries such as North America.

“Some traders and economists regard yield curve inversions as recession indicators,” he said.

The local currency echoed the bullish close of the major equities index, finishing the day’s trade at 51.74, its highest since March 3, 2022, when it closed at 51.50. On Wednesday, it finished at 52.01 to the greenback.

It started the day sideways at 51.98, down from 52.02 the day before.

It fluctuated between 51.995 to 51.74, resulting in a 51.906 average.

Volume was USD1.047 billion, down from USD1.119 billion the day before.

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