On Tuesday, the Philippine Stock Exchange index (PSEi) rose, while the peso's performance versus the…
PH stocks index and the peso are up this weeks.
On Monday, the main index of the local stock exchange rose beyond the 7,000 level due to optimism regarding the performance of the home economy in 2023, which was echoed by the peso.
The PSEi, which measures performance on the Philippine Stock Exchange, increased 1.35%, or 93.94 points, to 7,045.48 points.
To reach 3,675.15 points, All Shares increased by 1.03 percent or 37.53 points.
The majority of the sector’s indices also saw small gains during the day, with the Financials leading the way with a 2.80% increase.
The Holding Firms (2.43%), Property (0.37%), and Industrial (0.32%) lagged behind it.
However, Mining and Oil decreased by 0.69 percent, while Services decreased by 0.10 percent.
1.11 billion shares, or PHP10.23 billion, were traded.
At 138 to 65, advancing issues outnumbered declining ones, while 46 shares were flat.
According to Luis Limlingan, head of sales at Regina Capital Development Corporation, “Philippine shares reached the 7,000 level after so many months as foreign money continued to gamble on our economy and as conviction remained high that the country will be one of the best performers in 2023.”
Despite the US market being closed on Monday in observance of Martin Luther King Jr. Day, he claimed that optimistic vibes prevailed throughout the day.
Despite the US dollar’s decline to a seven-month low and indications of rising Chinese demand, oil prices are still rising.
West Texas Intermediate (WTI) crude oil’s price increased by 1.9 percent to USD79.86 per barrel, while Brent crude oil’s price increased by 1.5 percent to USD85.28 per barrel.
The local currency profited from PSEi advances when it strengthened to 54.575 against the dollar from its 54.89 close on Friday of the previous week.
It began trading for the week at 54.9, moving sideways from 54.95 in the previous session.
It fluctuated between 54.9 and 54.475, averaging 54.651.
Volume dropped from USD1.37 billion at the end of last week to USD1.27 billion today.
Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation, said the peso ended the day at its lowest level in over seven months, or since June 22, 2022, when it closed the session at 54.47 to the US dollar.
He linked the strengthening of the peso to the continued slowing of the US consumer price index (CPI), which gives rise to optimism for further gradual increases in the Federal Reserve’s key rates.
According to him, this development caused the benchmark 10-year US Treasury yield to fall to 3.50 percent, a new low in almost a month.
The expected trading range for the currency pair on Tuesday is 54.45 to 54.65.
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