NextGen Day

Due partly to good economic news from the United States, the main stock index rose on Monday while the peso appreciated versus the dollar.

The Philippine Stock Exchange index (PSEi), which had been declining for most of the previous week, increased by 1.19 percent, or 73.52 points, to 6,268.78 points.

All Shares increased by 0.73 percent, or 24.33 points, to 3,370.06 points in the following period.

Most sectoral counters ended the day in the green, headed by Property’s 3.56 percent rise.

Holding Companies lagged it by 1.42 percent, Financials lagged it by 0.14 percent, and Industry lagged it by 0.005 percent.

Services fell by 0.56 percent, while Mining and Oil experienced a 0.59 percent decline.

521.89 million shares, or a paltry PHP4.24 billion, were traded.

91 shares were unchanged, 89 shares advanced, and 89 shares declined.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippine shares echoed the positive sentiment of the US, which closed sharply higher last Friday, ending several days of sell-offs with a rebound fuelled by upbeat earnings, strong economic data, and easing fears for a larger-than-expected interest rate hike by the Federal Reserve.”

The US’s June retail sales, which returned and beyond forecasts after rising by 1 percent compared to the consensus of a 0.9-percent expansion, were one piece of economic data that improved views.

According to analysts, this is a healthy development, given the US inflation rate’s ongoing rise, which increased slightly to 9.1% in the sixth month of this year, the highest level since November 1981.

The local currency strengthened against the dollar, completing the day at 56.35 vs 56.36 last Friday.

It started trading on Monday at 56.3 and ranged from 56.39 to 56.27.

For the day, the average level was 56.34.

Compared to the USD678.3 million in the prior session, volume was low at USD561.75 million.

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