NextGen Day

Due to improvements in other economic indicators and the success of the Bangko Sentral ng Pilipinas (BSP) policy to reduce inflation, both the local stock market and currency closed this week’s trading strongly.

All shares increased by 30.40 points to 3,452.44 as the Philippine Stock Exchange index (PSEi) closed Friday up 1.17 percent or 76.43 points at 6,606.94.

The exception to the rule was Industrial, which dropped by 22.25 points to 9,519.07 at the close of trading.

The Holding Firms index saw the largest increase in shares on Friday, with shares rising by 83.10 points to 6,307.52. The property was next, increasing by 44.62 points to 2,920.81, followed by Mining and Oil, which increased by 38.76 points to 9,850.06, Services, which increased by 22.75 points to 1,687.91, and Financials, which increased by 21.06 points to 1,682.87.

Gainers outnumbered losers by 100 to 69, while 42 companies’ shares were unchanged.

Trading volume on Friday totaled PHP7.14 billion.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation, “the Philippine market remained optimistic as investors continued to evaluate the most recent meeting minutes and its ramifications.”

The BSP “is seeing progress in its fight against high inflation and is looking to decrease the pace of rate hikes, implying fewer ones through the end of this year and into 2023,” the author continued, according to investors.

Additionally, the Philippine peso strengthened on Friday, rising 0.11 at the finish of peso-dollar trading.

From Thursday’s closing of PHP 56.78 to a dollar, the currency pair ended trading at PHP 56.67.

According to Michael Ricafort, chief economist of Rizal Commercial Banking Corp. (RCBC), this day’s closing recorded a new low in almost three months since September 1, 2022, and was an improvement over the 59-level closing rate on October 3, 10, 13, and 17 of this year.

According to Ricafort, other economic indicators that supported the peso included a decreasing budget deficit, an improvement in net foreign portfolio investments, stronger tax collections, a continuation of the peso’s rise, and a drop in oil prices.

“For the month of November 2022, the US dollar/peso exchange rate has already decreased for the second consecutive month by -1.30 or -2.2 percent (after growing for eight straight months),” he continued.

The exchange rate between the peso and the dollar ranged from PHP 56.65 to PHP 56.73, with PHP 56.75 serving as the average.

The volume of transactions on Friday was USD849 million, which was less than USD868.5 million on Thursday.

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