Risk-on sentiments boost stocks; peso nearly flat - TrueID

Risk-on sentiments boost stocks; peso nearly flat

Philippine News AgencyJuly 11, 2022

RISK-ON SENTIMENTS. Higher-than-expected jobs report in the US for June 2022 buoys sentiments both in the local bourse and the foreign exchange market on Monday (July 11, 2022). The Philippine Stock Exchange index rose while the peso finished the day sideways against the greenback. (PNA file photo)

MANILA – Risk-on sentiments following the positive jobs report from the United States resulted in a positive close of the local bourse’s main index on Monday while the peso finished the day sideway against the greenback.

The Philippine Stock Exchange index (PSEi) rose by 0.42 percent, or 26.82 points, to 6,388.64 points.

All Shares followed with an increase of 0.32 percent, or 11.02 points, to 3,421.78 points.

Most of the sectoral indices also gained during the day namely Financials, 0.87 percent; Services, 0.83 percent; Industrial, 0.30 percent; and Property, 0.19 percent.

On the other hand, Mining and Oil declined by 0.54 percent and Holding Firms by 0.07 percent.

Volume was thin at 775.5 million shares amounting to PHP3.75 billion.

Decliners surpassed advancers at 101 to 82, while 45 shares were unchanged.

“Philippine share started off in the green, tracking the positive start of Asia and the futures market, following the release of a stronger-than-expected jobs report,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

He is referring to the 372,000 increase in non-farm payrolls in the US last June, way higher than estimates of around 250,000.

Analysts said this outlook transpired amid recession fears in the world’s largest economy.

Meanwhile, the local currency finished the week’s first trading day sideways against the US dollar at 55.979 from 55.973 last Friday.

It opened the day at 55.85 and traded between 55.85 and 56.035.

The average level for the day stood at 55.947.

Volume declined to USD804.6 million compared to USD1.07 billion in the previous session. (PNA)

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