NextGen Day

MANILA, Philippines — Despite rising commodity prices and interest rates, bargain hunters raised all counters in the local exchange on Tuesday, and the peso declined versus the US dollar.

The Philippine Stock Exchange index (PSEi) climbed 41.63 points to 7,037.74 points, up 0.60 percent.

The Dow Jones Industrial Average increased by 0.51 percent, or 18.96 points, to 3,742.92 points.

Services, 1.37 percent; Industrial, 0.83 percent; Financials, 0.56 percent; Holding Firms, 0.40 percent; and Property, 0.05 percent, topped the sectoral indexes with increases of 2.09 percent.

The total volume was 988.95 million, or PHP5.2 billion.

At 102 to 83, advancers outnumbered decliners, with 46 shares remaining unchanged.

“Investors continued to keep an eye on soaring rates and commodities,” said Luis Limlingan, the head of sales at Regina Capital Development Corporation (RCDC).

According to Limlingan, the 10-year Treasury yield hit 2.884 percent, its highest level since 2018.

Meanwhile, the local currency continued to lose ground against the US dollar, ending the day at 52.46, down from 52.27 the day before.

Its devaluation was evident right away, as it opened the day at 52.35, compared to 52.15 the previous session.

It fluctuated between 52.48 and 52.31, resulting in a 52.38 average.

Volume fell to USD1.09 billion from USD1.14 billion on Monday.

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