NextGen Day

The local bourse’s main index ended Wednesday in the negative region on doubts about whether the Federal Reserve’s policies are working but the peso improved to its nearly four-month high versus the United States dollar.

To reach 6,525.16 points, the Philippine Stock Exchange index (PSEi) lost 2.24 percent or 149.22 points.
To reach 3,425.86 points, All Shares decreased by 1.49 percent or 51.86 points.

Most of the sectoral indexes also decreased including Property, 3.33 percent; Holding Firms, 2.60 percent; Financials, 1.98 percent; and Industrial, 1.57 percent.

Services, on the other hand, increased by 0.61 percent while Mining and Oil increased by 0.84 percent.
498.99 million shares, or PHP6.05 billion, were traded.

At 104 to 68, decliners outnumbered gainers while 47 shares remained unchanged.

“Philippine markets dropped on worries that the Fed wouldn’t be able to orchestrate a smooth landing,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Investors are waiting for additional economic data this week, including the weekly report on home loan applications, he claimed, in order to get a better idea of what the Fed will do.

For the first time since January of this year, oil prices also dropped below USD80 a barrel, “weighed by growing concerns about global demand.”

West Texas Intermediate (WTI) crude oil futures decreased by 3.48 percent to USD74.26 per barrel and Brent crude oil futures decreased by 4.03 percent to USD7935 per barrel.

The local currency increased in value relative to the dollar, finishing the day at 55.45 as opposed to 55.975 the day before.

It started the day at 55.85, which was higher than the previous session’s opening price of 56.06.
It fluctuated between 55.85 and 55.45, with an average price of 55.611 as a consequence.
Volume increased from USD 776.56 million the day before to USD 1.16 billion.

Rizal Commercial Banking Corporation (RCBC) senior economist Michael Ricafort said the local currency strengthened to its nearly four-month high when it closed at 55.30 last Aug. 11.

Ricafort ascribed this change to the increasing inflows of overseas Filipino workers (OFW) remittances ahead of the holiday celebrations, the decline in crude oil prices in the international market to below USD80 per barrel, and the improvement in employment conditions in the country.

There will be no trading on Dec. 8 which is the Feast of the Immaculate Conception.
For Friday, Ricafort eyes the peso to trade between 55.30 and 55.60.

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