NextGen Day

MANILA, Philippines — The Philippine Stock Exchange index (PSEi) closed higher on Wednesday, but the local currency remained unchanged.

The PSEi rose 1.49 percent, or 104.68 points, to 7,142.42 at the end of the day’s trade.

From Tuesday, all stocks increased 0.91 percent to 3,777.13, a gain of 34.21 points.

Except for Mining and Oil, all of the other counters rose in today’s trade, with gains ranging from 0.31 percent to 2.88 percent.

The Property sector, which increased 93.15 points to 3,333.31, was the greatest gainer.

Holding Firms was next, up 73.41 points to 6,651.78; Industrial was next, up 29.93 points to 9,718.16; Financials was next, up 20.69 points to 1,679.48; and Services was last, up 17.23 points to 1,990.51.

The Mining and Oil sector, on the other hand, fell 0.46 percent, or 57.33 points, to 12,489.67.

“Philippine stocks rose on the strength of better-than-expected US business earnings, but pessimistic global economic growth expectations pushed bond yields higher and oil prices lower,” said Regina Capital Development Corporation (RCDC) head of sales Luis Limlingan.

Global oil prices fell 5% in chaotic trading, according to Limlingan, after the International Monetary Fund (IMF) lowered its economic growth forecast due to increasing inflation.

“In the meantime, the IMF raised its 2022 Philippine GDP (gross domestic product) forecast to 6.5 percent from 6.3 percent previously, but it remained below the DBCC’s (Development and Budget Coordination Committee) target of 7 to 9%, citing the Ukraine-Russia war clouding the global economic outlook,” he added.

On Wednesday, a total of 799.6 million shares worth PHP4.82 billion were traded.

At 98 to 78, gainers outweighed decliners, while 54 were unchanged.

Meanwhile, the Philippine peso continued to fall, ending the day at 52.49, down from 52.46 the day before.

It opened lower at 52.44, down from 52.35 on Tuesday, and moved between 52.42 and 52.49 during the day.

The average level for today’s trade was 52.45.

On Wednesday, a total of USD895.8 million was exchanged, down from USD1.09 billion the day before.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---