Oliver 10 0 0 4 min to read

Prior to important data releases, the PSEi pulls back, and the peso ends flat.

Cebuano Cebuano English English Filipino Filipino

Prior to Wall Street’s shorter workweek, the main stock index declined on Monday, but the peso managed to finish the day in a sideways pattern to the US dollar.

PSEi lost 0.53 percent, or 34.14 points, to 6,403.24 on the Philippine Stock Exchange.

The All Shares index fell next, by 0.31 percent, or 10.67 points, to 3,385.96.

Despite the main index’s decline, the majority of sectoral indices had gains on the day, including Industrial (0.62%), Services (0.56%), Financials (0.17%), and Mining and Oil (0.11%).

Property and holding firms, on the other hand, had declines of 2.14 and 0.89 percent, respectively.

776.16 million shares, or PHP6.24 billion, were traded.

At 97 to 87, decliners outnumbered gainers while 40 shares remained unchanged.

The head of sales at Regina Capital Development Corporation (RCDC), Luis Limlingan, stated that “Philippine shares took a respite following consecutive sessions of trading in the green last week, with a shortened trading week ahead for Wall Street.”

Thanksgiving Day will be observed in the US on November 24.

This week in the US, a ton of economic data will be released that the markets will be closely watching. Among them are the durable goods report, new home sales, unemployment claims, consumer sentiment, and the minutes of the Federal Reserve meeting from earlier this month.

Investors are preparing locally for the national government’s October 2022 fiscal report to be released.

According to Limlingan, the second straight week of falling oil prices was “caused by worries about weakening Chinese demand and future hikes in US interest rates.”

US West Texas Intermediate (WTI) fell by 3.2 percent to USD79.01 per barrel while Brent crude futures fell by 3.1 percent to USD86.96 per barrel.

The local currency was also impacted by risk-off emotions, but the peso managed to close the day in the middle of the range compared to the US dollar at 57.36 from 57.26 last Friday.

It started the day at 57.2, an improvement from the previous session’s opening of 57.44.

It fluctuated between 57.37 and 57.2, averaging 57.31.

Volume totaled USD527.82 million, down from USD650.18 million in the prior session.

The peso suffered a correction, according to Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), in part because of “hawkish signals from some Fed officials that also backed market expectations of another but lesser +0.50 Fed rate hike” on December 14.

However, Ricafort said that this impact was offset by the decline in commodity prices globally, which is thought to assist reduce the nation’s import costs and slow down the local inflation rate.

He expects the peso to fluctuate between 57.20 and 57.40 against the US dollar on Tuesday.

Cebuano Cebuano English English Filipino Filipino

We appreciate your reading. You may also consider sharing it with others.
Please comment below if you found this post interesting.
Be one of our DONOR / SPONSOR to support NextGenDay news website.
Please follow and like us:
Tweet 2k
0 0 votes
Article Rating
Notify of
Inline Feedbacks
View all comments

Enjoy this blog? Please spread the word :)

Would love your thoughts, please comment.x