NextGen Day

MANILA — Risk-on optimism boosted the local stock index on Monday ahead of earnings announcements, sales, and US housing data, while the peso finished flat versus the US dollar.

The Philippine Stock Exchange index (PSEi) recovered from last week’s losses, rising 1.93 percent, or 122.95 points, to 6,502.12 points at the start of this week.

Following that, All Shares rose 1.41 percent, or 48.88 points, to 3,506.28 points.

During the day, all of the sectoral indicators rose, with Property leading the way with 3.16 percent.

Holding Firms came in second with 1.97 percent, followed by Services with 1.24 percent, Financials with 1.13 percent, Industrial with 0.93 percent, and Mining and Oil with 0.78 percent.

The total volume was 678.36 million shares for PHP8.1 billion.

At 118 to 79, advancers outnumbered decliners, with 43 shares remaining unchanged.

Apart from the publication of different economic data, Regina Capital Development Corporation (RCDC) head of sales Luis Limlingan said investors are waiting for the rate decision of the Bangko Sentral ng Pilipinas (BSP) Monetary Board (MB), which will meet for the third time this year on Thursday.

“The street is split on whether the central bank will leave the key policy rate unchanged at 2%,” he said.

The MB cut the BSP’s main rates by 200 basis points in 2020 to help mitigate the pandemic’s impact by promoting lending.

Inflation averaged 3.7 percent in the first four months of this year.

However, given that first-quarter GDP has exceeded expectations and inflation is on the rise, with April 2022 reading already above the government’s 2-4 percent goal zone after surging to 4.9 percent, some economists anticipate the MB to begin boosting the central bank’s main rates.

Gross domestic product (GDP) increased by 8.3 percent in the first three months of this year, up from 7.8 percent the previous quarter.

Meanwhile, the local currency maintained its position against the US dollar, closing the day at 52.493, down from 52.45 the day before.

It started the day at 52.4, unchanged from the previous session’s opening of 52.43.

It fluctuated between 52.499 and 52.38, resulting in a 52.455 average.

Volume was USD529.84 million, down from USD978.4 million at the conclusion of the previous week.

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.

---