NextGen Day

The main index of the local stock exchange rose on Thursday as speculation for further U.S. inflation slowdown in December 2022 increased, but the peso fell to the 55-level from earlier in the week’s high of 54.

The Philippine Stock Exchange index (PSEi), which had fallen during the previous two days, increased by 1.85 percent, or 124.19 points, to 6,833.53 points.

All Shares increased 48.58 points, or 1.37 percent, to 3,588.04 points in the period that followed.

Most sectoral indicators also grew marginally, with Property leading the way with a 3.65% increase.

It was behind Financials (2.18%), Holding Companies (1.52%), Industrial (1.02%), and Services (0.98%).

Only the Mining and Oil index, which fell by 1.13 percent, completed the day in the red.

1.42 billion shares, or PHP7.68 billion, were traded.

At 115 to 67, more shares advanced than declined, while 48 were unchanged.

“Bets that the Fed (Federal Reserve) could slow down its rate hikes in light of tamer prices” helped the Philippines rise, according to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

According to Limlingan, who cited statistics from Dow Jones, economists anticipate that the US consumer price index (CPI) will increase by 6.5 percent annually in December rather than the 0.1 percent monthly increase it experienced in November, which raised the rate to 7.1 percent.

Additionally, the price of oil increased on the global market by 3.1% to USD 82.56 per barrel for Brent crude and by 3.1% to USD 77.45 per barrel for West Texas Intermediate.

On the other side, the peso dropped from 54.8 to a dollar the day before to 55.29 today.

It started the day at 54.95, a lower opening than Wednesday’s 54.8.

It fluctuated between 55.42 and 54.95, with a 55.176 average.

Volume increased to USD1.46 billion from USD1 billion the day before.

In a remark, Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), claimed that the peso’s corrections were partially caused by the Bangko Sentral ng Pilipinas’ dovish signals (BSP).

This comes after BSP Governor Felipe Medalla stated that it is unlikely that the Monetary Board (MB), which sets policy, will raise the key interest rates by as much as 75 basis points in a single meeting any longer because it is anticipated that inflation will slow down in the coming months after reaching a potential peak in December.

According to Ricafort, the peso will fluctuate on Friday between 55.20 and 55.40 to the US dollar.

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