NextGen Day

While the Philippine Stock Exchange index (PSEi) fell on Tuesday, the slowdown in inflation last month to 4.1 percent and the strengthening of the peso versus the US dollar contributed to the decline.

Following a positive start to the week, the main stocks index fell by 0.62 percent, or 43.95 points, to 6,992.43 points on Friday.

Following that, the Dow Jones Industrial Average fell 0.39 percent, or 16.95 points, to 4,298.66 points.

The majority of sectoral counters ended the day in the red, with the exception of the Property sector, which finished at 1.03 percent, Holding Firms at 0.73 percent, Industrial at 0.49 percent, Financials at 0.23 percent, and Mining and Oil at 0.10 percent.

Only the Services index had a rise throughout the day, as it increased by 0.50 percentage points.

The total number of shares traded was 2.51 billion, worth PHP5.1 billion.

Losers outnumbered gainers by a margin of 112 to 96, with 52 shares remaining unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation, “Philippine shares fell below the 7,000-mark as investors sold on news of the publication of the June CPI (consumer price index), which showed an improvement from the previous reading.”

The Philippine Statistics Authority (PSA) announced on Tuesday that the inflation rate has slowed to 4.1 percent in June from 4.5 percent in the previous three months.

So far, the average rate of inflation has been 4.4 percent, which is still over the government’s 2-4 percent goal range through 2023.

Meanwhile, Limlingan said that “investment managers are also looking forward to the movement of the US market” after the Independence Day vacation in the United States of America.

As a result of the shorter trading week, “the futures indicate that activity will be muted,” he added.

Accordingly, the Mexican currency declined against the US currency after ending the day at 49.5 versus the previous session’s value of 49.24.

It began the day at 49.23 and fluctuated between 49.5 and 49.23 during the day.

The average level for the day was 48.411 meters above sea level.

The overall volume of USD1.068 billion was lower than the previous day’s total volume of USD1.073 billion.

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