NextGen Day

The local stock market’s bargain hunting came to an end, causing the main equity index to settle in the red on Wednesday, but the peso maintained its position versus the US dollar.

The Philippine Stock Exchange index (PSEi) declined by 0.46 percent, or 31.65 points, to 6,818.99 points following consecutive days of gains.

All Shares fell 5.2 points, or 0.14 percent, to 3,619.88 points after that.

The majority of sectoral indices also ended the day in the red, topped by Industrial’s 0.88 percent decline.

Property, Services, and Financials all lagged behind it by 0.78 percent, 0.73 percent, and 0.70 percent, respectively.

Holding Companies, on the other hand, increased by 0.43 percent while Mining and Oil increased by 1.32 percent.

1.17 billion shares, or PHP8.04 billion, were traded.

At 117 to 94, more shares advanced than declined, while 34 were unchanged.

Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), stated that “Philippine shares eventually succumbed to profit taking following successive sessions of bargain hunting, and ahead of the release of the July retail sales report.”

Investors “are using the retail sales statistics to measure how consumers are managing the effects of rising inflation and oil costs,” he claimed.

After a period of erratic trading, according to Limlingan, oil prices dropped once further on the international market as “economic data stoked worries about a looming global recession while the market sought clarity on talks to resurrect an agreement that may allow for more Iranian oil shipments.”

He reported that West Texas Intermediate (WTI) crude futures fell by 3.2 percent to USD86.53 per barrel and Brent crude futures fell by 2.9 percent to USD92.34 per barrel.

The local currency, on the other hand, barely altered from its 55.83 close the day before, ending the day at 55.86.

It started the day at 55.83, which was higher than the previous session’s opening price of 55.95.

It fluctuated between 55.91 and 55.7, averaging out to 55.826.

Volume decreased from the previous session’s USD1.02 billion to USD918.65 million.

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