NextGen Day

MANILA, Philippines — Despite concerns about a worldwide economic downturn, Philippine stocks rose on Wednesday, as the peso held its sideways position against the US dollar.

The Philippine Stock Exchange index (PSEi) rose 0.31 percent to 6,597.76 points, an increase of 20.31 points.

The Dow Jones Industrial Average increased by 0.10 percent, or 3.64 points, to 3,554.04 points.

Most sectoral indices, however, concluded in the red, with Mining and Oil down 0.43 percent, Property down 0.40 percent, Services down 0.39 percent, and Industrial down 0.06 percent.

Holding Companies, on the other hand, increased by 1.18 percent, while Financials increased by 0.56 percent.

A total of 1.03 billion shares worth PHP5.99 billion were traded.

At 107 to 76, decliners outnumbered advancers, with 57 shares remaining unchanged.

“On fears of a worldwide economic slowdown, foreign investors kept away from dumping tech companies for bonds,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

According to him, the yield on the US 10-year Treasury fell to 2.73 percent on Tuesday after reaching to 3 percent earlier this year.

In terms of relative value, the peso concluded the day at 52.355 per dollar, slightly changed from its 52.32 close the day before.

It started the day at 52.34 and fluctuated between 52.3 and 52.38 during the day. For the day, the average level was 52.349.

Volume fell to USD804.2 million from USD1.02 billion the previous day.

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