RISK-ON DESPITE ODDS. The equities market posts improvements on Tuesday (June 7, 2022) despite the report about further uptick of domestic inflation rate last May. The peso also managed to end the day sideways against the US dollar, sustaining its performance for a long time now. (PNA file photo)
MANILA – Risk-on sentiments reigned in the local bourse on Tuesday but the peso finished sideways against the US dollar.
After sliding for several days due to global growth concerns, among others, the Philippine Stock Exchange index (PSEi) rose by 0.55 percent, or 37.13 points, to 6,754.01 points.
All Shares followed with a jump of 0.35 percent, or 12.66 points, to 3,598.51 points.
Mining and Oil led the sectoral indices after it rose by 1.91 percent.
It was trailed by the Holding Firms, 0.90 percent; Property, 0.52 percent; Services, 0.34 percent; Financials, 0.23 percent; and Industrial, 0.14 percent.
Volume was thin at 877.07 million shares amounting to PHP4.96 billion.
Advancers surpassed decliners at 96 to 90, while 42 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said equities trading registered “a relatively quiet session” amidst another uptick in domestic inflation rate last May to 5.4 percent since this is within expectations.
The rate of price increases in the fifth month this year accelerated from month-ago’s 4.9 percent due to faster inflation of food and transportation indices, mainly on account of higher oil prices.
“The market moves were also influenced by the US 10-year treasury yield action, which spiked by up to 3 percent hitting its highest level in almost a month,” Limlingan said.
He said “Wall Street managed to rebound from a losing week and as gains were capped by a jump in yields.”
Meanwhile, the peso ended the day sideways against the greenback at 52.95 from the previous day’s 52.86.
It opened the day at 52.9 and traded between 52.97 and 52.87. Average for the day stood at 52.92.
Volume declined to USD745.17 million from the previous session’s USD1.08 billion. (PNA)
