NextGen Day

On Tuesday, bargain hunting in the local market was sparked by worries about the US recession, which helped the main index and the peso.

The Philippine Stock Exchange index (PSEi), which has been declining recently, increased by 0.68 percent, or 43.85 points, to 6,458.12 points.

To reach 3,384.40 points, All Shares increased by 0.51 percent or 17.09 points.

The majority of the sectoral indexes also increased during the day, including Services (2.09%), Mining and Oil (1.13%), Property (0.65%), Holding Firms (0.56%), and Industrial (0.44%).

Only the Financials index experienced a downward movement, ending in the red by 0.08 percent.

There were just about 509 million shares traded, or PHP5.58 billion, in the thin volume.

At 90 to 77, more shares advanced than declined, while 48 were unchanged.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), “Investors eventually became bargain hunters in the Philippines as the waning Santa Claus rally in the US increased recession concerns.”

Limlingan linked China’s reopening of its economy amid recession fears to the rise in oil prices.

West Texas Intermediate (WTI) crude oil futures rose to USD75.19 per barrel, while Brent crude oil futures advanced to USD79.80 per barrel.

Compared to the US dollar, the local currency ended the day at 55.24 instead of its previous closing of 55.41.

It started the day at 55.4 instead of the previous session’s 55.5.

It fluctuated between 55.45 and 55.23, with a 55.333 average.

Volume increased to USD 940.55 million from USD 627.25 million the day before.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), listed several factors that contributed to the peso’s optimism regarding the government’s 6.5 to 7.5 percent growth target for this year, including the extension of the temporary tariff reduction on imports of pork, meat, cork, and rice until the end of December 2023 and coal beyond 2023, the most recent indications of a potential reduction in banks’ reserve requirement ratio (RRR), and additional increases in the Bangko Sentral

Because of the seasonal surge in remittances from Filipino employees working abroad, according to Ricafort, the peso is currently protected against volatility (OFWs).

Market optimism improved as a result of recent signs that China would strengthen its economy in 2023 as well as recent steps to loosen some of its COVID regulations, she added.

According to Ricafort, the peso would fluctuate on Wednesday between 55.15 and 55.35 to the US dollar.

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