NextGen Day

The local stock barometer ended the week higher in part due to Fitch Solutions’ optimistic growth predictions for the home economy’s output in 2022, although the peso fell versus the US dollar.

PSEi increased 18.98 points, or 0.28 percent, to 6,699.66 points on the Philippine Stock Exchange.

All Shares then increased by 13.59 points, or 0.38 percent, to 3,564.16 points.

With the exception of Property, which decreased 0.23 percent during the day, most sectors’ indices likewise increased.

The largest rise was reported by the financial sector (1.43 percent), followed by the mining and oil industries (0.82 percent), services (0.44 percent), industrial (0.23 percent), and holding companies (0.19 percent).

The number of shares traded increased to 1.67 billion, worth PHP13.76 billion.

At 119 to 77, more shares advanced than declined, while 46 were unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corp., “Philippines equities resumed the rise to close the weekend on the basis of another favorable US inflation report and assurance from Fitch that Philippine GDP is still intact.”

Despite the slower output in the second quarter of the year, Fitch Solutions Country Risk and Industry Research increased its growth prediction for the Philippines for this year from 6.1 percent to 6.6 percent in a report on Thursday.

Gross domestic product (GDP) increased by 7.4 percent from April to June of this year, which brings the first half’s output to 7.8 percent. This growth was slower than the 8.2 percent seen in the previous quarter.

Although “more moderate than we had projected,” the growth print for the second quarter was in line with Fitch Solutions’ estimates.

Fitch Solutions anticipates that the second half of the year will continue difficult but that domestic economic growth will be within the government’s goal range of 6.5 percent to 7.5 percent.

A further point stated by Limlingan during the trading session was the increase in oil prices on the global market following an increase in the International Energy Agency’s forecast for this year’s growth in oil consumption. He noted that as gas costs rise, some individuals may turn to oil as a substitute.

However, the local currency lost value in relation to the US dollar and ended the day at 55.61 as opposed to Thursday’s 55.30.

It began trading at 55.48 and fluctuated between 55.67 and 55.42 before averaging 55.532 for the day.

Volume increased from USD989.5 million in the prior session to USD1.02 billion.

Michael Ricafort, chief economist at Rizal Commercial Banking Corp., attributed the peso’s devaluation in part to the hawkish tone adopted by Mary Daly, president of the San Francisco Federal Reserve, as well as an increase in US Treasury yields and oil prices on the global market.

He anticipates the peso will trade against the US dollar between 55.50 and 55.75 on Monday and between 55.30 and 55.75 for the whole of the following week.

Save/Share this story with QR CODE

---

Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

📩 Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.

---

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.

---