GAINS. The Philippine Stock Exchange index (PSEi) ended the week's first trading day up on Monday (April 24, 2023), as investors await the release of several economic data from the United States. The peso also corrected following the easing of the US dollar against other major currencies. (PNA graphics)
MANILA – Risk-on sentiments returned and allowed the positive close of both the main equities index and the peso on Monday.
The Philippine Stock Exchange index (PSEi) gained by 1.20 percent, or 77.94 points, to 6,598.38 points.
All Shares followed with a jump of 0.63 percent, or 21.83 points, to 3,510.09 points.
Most of the sectoral gauges also increased during the day, namely Financials, 3.49 percent; Property, 1.13 percent; Holding Firms, 0.50 percent; and Industrial, 0.29 percent.
On the other hand, Services slipped by 0.23 percent and Mining and Oil by 0.18 percent.
Volume reached 807.423 million shares amounting to PHP5.34 billion.
Decliners surpassed advancers at 96 to 94 while 47 shares were unchanged.
“Philippine shares closed higher as investors stateside will be digesting a new batch of economic data releases this week with Durable Goods Orders, GDP (gross domestic product), and Core personal consumption expenditures (PCE) Price Index, as the main event,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
He said oil prices went up “on strong economic data in the euro zone and Britain, but futures were on track for a weekly loss as interest rate uncertainty weighed.”
Both the Brent and the West Texas Intermediate (WTI) crude rose by 0.8 percent to USD81.77 per barrel and USD78.02 per barrel respectively.
Meanwhile, the peso improved against the US dollar and closed the day at 55.77 from 56.02 close last Friday.
It opened the day at 55.95, at a better level than its 56.31 start in the previous session.
It traded between 56.01 and 55.75, resulting in an average of 55.919.
Volume rose to USD1.21 billion from its USD1.1 billion at the end of last week.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the peso’s correction partly to the easing of the US dollar’s gauge against other major currencies due to the risk of a possible recession in the world’s largest economy and the mix signals from Federal Reserve officials regarding the path of its key rates.
He said the rate of the 10-year US Treasury yield also slipped from its near three-week highs and is now at 3.54 percent.
For Tuesday, Ricafort forecasts the peso to trade between 55.65 and 55.85 against the greenback. (PNA)
