NextGen Day

MANILA – On Friday, a risk-on mood dominated the local stock market, resulting in another gain for the main stock index, while the peso traded flat against the US dollar.

The Philippine Stock Exchange index (PSEi) climbed 80.62 points to 6,726.14 points, up 1.21 percent.

The S&P 500 gained 0.77 percent, or 27.48 points, to 3,596.13.

Property led the sectors indices with a gain of 2.44 percent, followed by Financials with a gain of 1.09 percent, Holding Firms with a gain of 0.89 percent, Industrial with a gain of 0.55 percent, Mining and Oil with a gain of 0.54 percent, and Services with a gain of 0.49 percent.

With 917.39 million shares trading for PHP5.96 billion, the volume was light.

At 99 to 79, advancers outnumbered decliners, with 46 shares remaining unchanged.

“Philippine shares rose like the rest of the region as a batch of solid earnings from the US retail sector bolstered market optimism,” Regina Capital Development Corp. head of sales Luis Limlingan said.

The increase in the main index occurred despite a higher decline in the US economy in the first quarter of 2022, according to the second estimate of 1.5 percent, up from the initial number of 1.4 percent, according to Limlingan.

He referenced, however, a report on initial unemployment claims in the United States for the week ending May 21, which fell to 210,000 from 218,000 the week before.

On the local front, he said markets reacted well to the introduction of the Marcos Jr. administration’s economic managers.

Governor Benjamin Diokno of the Bangko Sentral ng Pilipinas (BSP) will be the Secretary of the Department of Finance, among others. His remaining term, which will end in July 2023, will be succeeded by Felipe Medalla, a member of the BSP Monetary Board and a former socioeconomic planning secretary.

In relation to the US dollar, the peso concluded the day sideways at 52.32, down from 52.40 on Thursday.

It started the day at 52.33 and ended it at 52.235, averaging 52.302.

Volume increased to USD1.05 billion from USD986.01 million the previous day.

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