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Following the rebound on Wall Street, local stocks increased on Thursday, and the local currency closed the day nearly flat versus the US dollar.

PSEi increased by 56.14 points, or 0.86 percent, to 6,576.94 points on the Philippine Stock Exchange.

All Shares increased by 0.66 percent, or 22.43 points, to 3,442.26 points in the period that followed.

The majority of the sectoral gauges also increased throughout the day, including Holding Firms (1.57%), Property (0.75%), Services (0.68%), and Industrial (0.55%).

Financials were down by 0.30 percent, while Mining and Oil declined by 0.37 percent.

3.77 billion shares, or PHP6.47 billion, were traded.

At 97 to 77, gainers outnumbered losers, while 53 shares remained unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCBC), “Philippine equities leaped ahead a few days before the Christmas break as better-than-feared results and solid consumer confidence data pushed, which jumped to the highest level since April.”

According to reports, US consumer confidence increased in December 2022 as the index increased from 101.4 to 108.3 from the prior month.

The Conference Board study, which indicated a preference for using services rather than purchasing expensive products, was followed, according to Limlingan, by this report, which improved investors’ sentiment.

The peso’s value versus the dollar decreased from the previous day’s close of 55.10 to 55.09 at the day’s finish.

It began the market at 55.045, moving sideways from the previous day’s 55.1.

It fluctuated between 55.18 and 55.045, with a 55.13 average.

Volume totaled USD774.2 million, less than the USD833.7 million of the prior day.

The reduction in oil prices on the global market compared to the level at the beginning of the Russia-Ukraine conflict in the first quarter of this year, according to Rizal Commercial Banking Corporation Chief Economist Michael Ricafort, helped support the peso in addition to the seasonal inflows of remittances from overseas Filipino workers (OFWs).

The drop in oil prices, according to Ricafort, also affected the domestic market, which “help(ed) reduce inflationary pressures and could potentially help narrow the country’s net imports/trade deficit.”

He said that the US dollar’s ongoing decline against the major world currencies, which is partly attributable to the US’s slowing inflation rate, has been favorable for the peso.

According to Ricafort, the peso will trade in the range of 55 to 55.20 against the US dollar.

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