NextGen Day

MANILA, Philippines — Following an increase in domestic inflation to 4% in March, the main stock index fell on Tuesday, while the peso rose versus the US dollar.

The Philippine Stock Exchange index (PSEi) fell 7.14 points to 7,156.07 points, or 0.10 percent.

The Dow Jones Industrial Average fell 0.003 percent, or 0.11 points, to 3,797.43 points.

Property, 0.59 percent; Industrial, 0.24 percent; Holding Firms, 0.16 percent; and Services, 0.08 percent, were among the sectoral indices that decreased throughout the day.

Financials and Mining and Oil, on the other hand, gained 0.85 percent and 0.10 percent, respectively.

A total of 1.12 billion shares worth PHP4.2 billion were traded.

At 88 to 82, advancers outnumbered decliners, with 57 shares remaining unchanged.

Despite the fact that annual inflation increased from 3% in February, Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), said the increase “remained within the accepted range of many analysts, putting less pressure on the BSP (Bangko Sentral ng Pilipinas) to apply the brakes and raise rates.”

“Prior to the release (of the inflation data), BSP Governor Benjamin Diokno admitted that high inflation had returned with a fury, but he also stated that price increase in the Philippines was more manageable than in other nations,” he said.

Meanwhile, the local currency gained ground versus the greenback, completing the day at 51.19, up from 51.38 the day before.
It started the day at 51.32, down from 51.6 the previous session.

It fluctuated from 51.355 and 51.14, resulting in a 51.262 average.

The volume reached USD1.3 billion, up from USD1.21 billion in the previous session.

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