NextGen Day

MANILA – On Tuesday, bargain hunters boosted the major stock index, while the peso remained stuck in a sideways range against the US dollar.

The Philippine Stock Exchange index (PSEi) increased 1.42 percent to 6,594.66 points or 92.54 points.

The Dow Jones Industrial Average rose 0.78 percent, or 27.37 points, to 3,533.65 points.

The majority of sectoral indices rose during the day, topped by Holding Firms, which rose 2.13 percent.

The property came in second with 1.67 percent, followed by Financials with 1.22 percent, Mining and Oil with 0.65 percent, and Industrial with 0.60 percent.

Only the Services index, which slid 0.11 percent, finished in negative territory.

The entire volume was 1.17 billion shares for PHP7.32 billion.

At 109 to 88, advancers outnumbered decliners, with 50 shares remaining unchanged.

“Despite global inflation fears, investors continued to seek bargains in the Philippine market, with some investors concerned that the global economy could tip into a recession,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Risk-on emotions were also reflected in the foreign exchange market, resulting in a sideways closing for the local currency, which completed the day at 52.425, down from 52.493 the day before.

It began trading at 52.45 on Tuesday and fluctuated between 52.48 and 52.41. For the day, the average level was 52.448.

Volume jumped to USD843.1 million from USD549.84 million the previous day.

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