Oliver 9 0 0 4 min to read

Before the release of economic reports, Philippine stocks increased as the peso moved sideways.

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While the peso ended the day flat versus the US dollar, the local stock barometer opened the week’s trading up ahead of certain US economic announcements.

PSEi increased by 1.78 percent, or 110.05 points, to 6,295.58 points on the Philippine Stock Exchange.

All Shares increased by 1.22 percent, or 39.87 points, to 3,313.57 points in the period that followed.

The majority of the sector’s indices saw gains throughout the day as well: Property, 3.45%; Services, 1.78; Holding Firms, 1.32; and Industrial, 1.15. likewise 0.77 percent for Financials.

After losing 1.04 percent, the Mining and Oil index was the only one to decline.

With 337.75 million shares changing hands for PHP4.48 billion, volume remained low.

50 shares were unchanged while there were 117 more advancers than decliners.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), “Investors made bets ahead of a handful of economic data releases this week, including the September figures on merchants’ wholesale inventories (November 9) and the most recent CPI (consumer price index) print on November 10.”

The US is where the data is released.

Along with the economic data, Limlingan claimed that investors are waiting and watching for the “Congressional midterm elections on Tuesday to decide which party would control Congress and influence the course of future expenditure.”

“Democrats currently hold a majority in the Senate and dominate the House. According to him, a Republican victory could indicate increased support for the oil and gas industry.

On the local front, Limlingan stated that the third quarter domestic output and unemployment data would be issued on November 8 and 10, respectively.

He said that amid the rate hike uncertainty, markets were encouraged by the impending EU embargo on Russian oil and the potential for China to relax some Covid-19 regulations. Oil prices also increased.

West Texas Intermediate (WTI), according to Limlingan, increased by 4.98 percent to USD92.56 per barrel, while Brent crude oil futures increased by 4.99 percent to USD98.61 per barrel.

The local currency, which was 58.55 last Friday, finished Monday at 58.58.

It traded between 58.59 and 58.45 and started the day at 58.5. For the day, the average level was 58.501.

Volume totaled USD574.2 million, significantly less than the USD1.11 billion of the previous day.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), attributed the peso’s performance to a correction but pointed out that Monday’s close was among the lowest in more than a month, after trading at 58.5 on September 23.

The increase in the country’s foreign reserves last October to USD94.1 billion, according to Ricafort, gave the peso a lift, but this was offset by the surge in oil futures on the global market.

On Tuesday, he expects the local currency to trade between 58.45 and 58.65 to the US dollar.

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