NextGen Day

MANILA, Philippines — As global oil prices dropped, the Philippine Stock Exchange index (PSEi) and the peso both concluded Thursday’s trading with gains.

The PSEi rose 1.92 percent, or 134.92 points, to 7,124.80 at the close of the day.

All stocks rose 51.47 points, or 1.38 percent, to close at 3,783.82.

With the exception of Mining and Oil, which fell 1.65%, or 226.03 points, to 13,483.12, all counters finished in the green.

Holding Firms was the major winner of the day, with a gain of 2.94 percent, or 194.78 points.

Industrials gained 172.81 points, followed by Services, 34.99 points, Financials, 23.61 points, and Property, 8.48 points.

“Philippine stocks rose sharply as lately soaring commodity prices, particularly oil, moderated while the war in Ukraine raged on,” Regina Capital Development Corporation (RCDC) head of sales Luis Limlingan said.

He mentioned that the price of West Texas Intermediate (WTI) crude oil fell over 12%, or USD15, to USD108.7 per barrel. This was the biggest drop in the price of WTI since November 26.

On the other side, European crude oil benchmark Brent fell USD16.8 to USD111.1 a barrel, its worst one-day drop since April 2020.

The Philippine peso, however, ended the day’s trade at 52.15 to the US dollar.

From Wednesday’s close of 52.23 to a dollar, it gained 0.08 cents.

The peso started the day higher at 52.12, up from 52.28 the previous day.

The currency pair moved between 52.05 and 52.24, with 52.15 as the day’s average level.

The entire volume of trade on Thursday increased to USD1.21 billion, up from USD1.14 billion on Wednesday.

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