NextGen Day

MANILA, Philippines – Tuesday’s main stock index was lifted by bargain hunters, while the peso ended the day flat against the US dollar.

The Philippine Stock Exchange (PSEi) increased by 0.75 percent, or 52.34 points, to 7,008.94.

The Dow Jones Industrial Average increased by 0.49 percent, or 18.16 points, to 3,715.79.

The majority of sectoral indices also ended the day higher: Financials gained 2.08 percent; Services gained 1.32 percent; Property gained 0.66 percent, and Holding Firms gained 0.11 percent.

Industrial, on the other hand, fell 0.58 percent, while Mining and Oil fell 0.39 percent.

The total volume traded was 1.11 billion shares worth PHP6.67 billion.

At 81 to 77, decliners outnumbered advancers, while 60 shares remained unchanged.

“Investors bought Philippine shares at the close on speculation following Federal Reserve Chair Jerome Powell’s statement that the central bank is open to further rate hikes to combat rising inflation,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

The Federal Reserve raised key interest rates by 25 basis points last week, to between 0.25 and 0.50 percent, the first increase since December 2018, in response to the US consumer price index’s acceleration.

According to reports citing Powell, the Fed is considering a 50 basis point rate hike in the coming weeks.

The equity market’s optimism was mirrored in the foreign currency market, where the peso ended the day at 52.44, up from 52.35 a day ago.

It began the session at 52.44, slightly lower than the previous session’s 52.31 starts.

It fluctuated between 52.47 and 52.385, averaging 52.427.

Volume increased to USD953.1 million from USD599.8 million the previous day.

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 Contact NextGenDay.com 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.

---