NextGen Day

On Monday, risk-taking behavior returned to the local stock exchange, boosting the main index while the peso finished the day higher versus the US dollar.

To reach 6,790.24 points, the Philippine Stock Exchange index (PSEi) increased by 1.83 percent or 122.27 points.

All Shares increased by 1.59 percent, or 55.90 points, to 3,568.97 points in the period that followed.

All sectoral counters increased during the day, with Mining and Oil leading the way with a 3.05 percent increase.

Following it were financials (2.21%), holding companies (1.83%), property (1.77%), services (1.32%), and industrial (1.28%).

2.46 billion shares, or PHP6.41 billion, were traded.

At 148 to 47, movers outnumbered laggards while 43 shares remained the same.

As international buying continues to dominate the beginning of the year, investors continued where they left off last week, according to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

The confidence, according to Limlingan, might be attributed to the US markets’ upbeat closing at the end of last week “after employment data indicated wage rises slowed in December.”

He is making reference to the US jobs data released last Friday, which revealed an increase of 223,000 payroll positions despite the worst annual wage rise in 16 months for hourly salaries.

The news, he continued, “fuelled optimism that the Federal Reserve’s interest rate hikes are beginning to have the anticipated effect on the economy.”

The price of oil was essentially constant, with West Texas Intermediate (WTI) rising by 0.1 percent to USD73.77 per barrel and Brent crude oil futures falling by 0.2 percent to USD78.57 per barrel.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), linked PSEi’s performance to the decline in oil prices on the global market.

It “might assist alleviate inflation and narrow the country’s trade deficit” if oil prices dropped to three-week lows, he said.

The local currency increased in value, ending the day at 55.11 from 55.64 at the close of last week’s trading, mirroring gains on the local stock exchange.

It started the day at 55.3, which is better than the 55.85 starts from last Friday.

It fluctuated between 55.32 and 55.09, with a 55.164 average.

Volume increased to USD1.22 billion from USD1.05 billion in the prior session.

According to Ricafort, the peso’s gains can be attributed in part to the Philippines’ ongoing multi-tranche US dollar-denominated bond offering as well as an increase in the country’s gross international reserves (GIR), which reached a four-month high of USD96 billion as of end-December 2022.

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