Oliver 13 0 0 4 min to read

PSEi closes unchanged ahead of US inflation data, as the peso gains.

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The major index of the local stock exchange finished Tuesday in a flat range ahead of the publication of the US inflation report for October 2022 and the results of the midterm elections, while the peso increased to a US dollar.

The PSEi, which measures performance on the Philippine Stock Exchange, dropped 6.48 points, or 0.10 percent, to 6,289.10 points.

To reach 3,307.75 points, All Shares decreased by 0.18 percent or 5.82 points.

The majority of sectoral indices—Mining and Oil, 2.30 percent; Industrial, 0.97 percent; Services, 0.71 percent; and Holding Firms, 0.35 percent—also finished the day in the red.

Financials increased by 0.31 percent, while Property increased by 1.37 percent.

A total of 310.11 million shares, worth PHP4.93 billion, were traded.

At 100 to 76, decliners outnumbered advancers while 38 shares remained the same.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), “Philippine shares closed flat as investors looked ahead to a packed week with Congressional midterm elections and key inflation data on the deck over the next few days, and shrugged off a supply warning from Apple.”

The midterm elections and the inflation statistics pertain to the US.

The outcome of the US midterm elections “will determine which party controls Congress and drive future policy and spending,” according to Limlingan.

The local currency, on the other hand, increased in value in relation to the dollar, ending the day at 58.275 from 58.58 on Monday.

It traded between 58.45 and 58.1 and started the day at 58.38. For the day, the average level was 58.292.

Volume increased to USD954.9 million from USD574.2 million the day before.

According to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), the increase in the Philippines’ gross international reserves (GIR) in September supported the local currency.

He said that the peso benefited from the US dollar’s decline as markets anticipated a 50 basis point hike in the Federal Reserve’s benchmark interest rates in December.

On Wednesday, he expects the local currency to fluctuate between 58.10 and 58.40.

Cebuano Cebuano English English Filipino Filipino

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