NextGen Day

MANILA, Philippines — Despite global growth fears, the main stock index rose again on Wednesday, although the peso concluded the day flat versus the US dollar.

The Philippine Stock Exchange index (PSEi) climbed 15.61 points to 6,769.62 points, up 0.23 percent.

The Dow Jones Industrial Average rose 0.18 percent, or 6.33 points, to 3,604.84 points.

Financials (0.85 percent), Industrial (0.69 percent), and Holding Firms (0.22 percent) were the sectoral gauges that tracked the main index.

Services, on the other hand, were down 0.47 percent, Mining and Oil were down 0.07 percent, and Property was down 0.04 percent.

A total of 744.91 million shares worth PHP5.37 billion were traded.

At 109 to 78, advancers outnumbered decliners, with 46 shares remaining unchanged.

“Philippine stocks surged for the second day in a row as global markets shrugged off signals of a slowing economy ahead of a critical inflation figure,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

For example, due to rising global commodity prices, the World Bank (WB) lowered its 2022 global growth prediction to 2.9 percent from 4.1 percent previously.

On Friday, the US government will release the May consumer price index (CPI) data.

“Some may see the data as an indication that inflation has peaked if it is colder than April’s numbers,” Limlingan added.

After peaking at 8.5 percent in March, the US inflation rate slowed to 8.3 percent in April. The level in the fourth month of this year, however, is still among the four-decade highs.

Meanwhile, the local currency remained sideways throughout the day, closing at 52.915, down from 52.95 the previous session.

It started the day at 52.9 and fluctuated between 52.935 and 52.85 during the day. For the day, the average level was 52.899.

Volume was USD635.56 million, down from USD745.17 million the day before.

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