NextGen Day

MANILA, Philippines — On Monday, bargain hunters boosted the major equity index ahead of the release of the domestic inflation report for March 2022, while the peso followed the gains on the local exchange.

The Philippine Stock Exchange index (PSEi) increased by 10.33 points, or 0.14 percent, to 7,163.21.

The Dow Jones Industrial Average rose 0.24 percent, or 8.95 points, to 3,797.54 points.

The majority of sectoral gauges followed the main index, with Mining and Oil leading the way with a 1.43 percent gain.

Industrial up 0.83 percent, followed by Property (0.73 percent), Services (0.12 percent), and Financials (0.06 percent).

Only Holding Firms finished the day in the red, down 0.27 percent.

A total of 1.33 billion shares worth PHP3.87 billion were traded.

At 96 to 83, advancers outnumbered decliners, with 56 shares remaining unchanged.

The head of sales at Regina Capital Development Corporation (RCDC), Luis Limlingan, said stocks trading throughout the day was driven by speculations on the March 2022 inflation print, as well as an improvement in foreign portfolio investments to the Philippines.

On Tuesday, the Philippine Statistics Authority (PSA) will release the March 2022 inflation figure.

Last February, the inflation rate remained unchanged at 3%.

Following recent increases in global oil prices, which are projected to affect commodities prices, monetary authorities recently raised their average inflation estimates for this and next year.

The BSP raised its average inflation forecast for this year from 3.7 percent to 4.3 percent, over the government’s 2-4 percent goal band, and raised its projection for 2023 from 3.3 percent to 3.6 percent.

In the meantime, the peso strengthened against the dollar, finishing the day at 51.38, up from 51.67 last Friday.

It started the week at 51.6 and fluctuated between 51.6 and 51.31 throughout the week.

For the day, the average level was 51.45.

The total volume was USD1.208 billion, down from USD1.33 billion the previous day.

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