86 0 0 5 min to read

Peso gains, PSEi rises on strong earnings reports

The main index of the local market was up on Friday as a result of strong earnings reports from listed companies both domestically and abroad. The peso also gained further ground versus the US dollar.

PSEi increased by 41.19 points, or 0.59 percent, to reach 7,027.38 points on the Philippine Stock Exchange.

To reach 3,705.46 points, All Shares increased by 0.59 percent or 21.68 points.

The majority of the sectoral indices also rose throughout the day, including Property (2.42%), Industrial (0.63%), Financials (0.39%), and Holding Firms (0.03%).

Services, on the other hand, saw a 0.46 percent decline while Mining and Oil lost 1.76 percent.

Nearly 1.9 billion shares, or PHP20.12 billion, were traded.

At 103 to 83, decliners outnumbered advancers, while 48 shares remained unchanged.

The 30-company PSEi’s most recent modifications in composition, according to Regina Capital Development Corp. head of sales Luis Limlingan, increased the value turnover in the local market during the day.

He claimed that the mixed earnings announcements from prominent US-listed companies such as Meta, Apple, Alphabet, and Merck also affected investors’ moods.

The report from the national government detailing the reduction of its debt to PHP13.42 trillion as of the end of 2022 further added to the favorable feelings.

As US industrial-linked factory orders declined and the dollar rose, driving up the price of crude for non-American purchasers, oil prices fell on the global market.

West Texas Intermediate (WTI) crude oil futures decreased by 0.84 percent to USD75.77 per barrel and Brent crude oil futures by 1.04 percent to USD81.98 per barrel.

The local currency, which increased further against the US dollar after finishing the week at 53.68 from its 53.845 finish the day before, followed the PSEi’s advances.

It began trading at 53.93, up from the previous session’s opening price of 54.2, and fluctuated between 53.93 and 53.63, with an average price of 53.772.

Volume decreased from USD 1.62 billion the day before to USD 1.17 billion.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corp., claimed that the local currency hit a new low for more than seven months, or since June 16, 2022, when it closed at 53.47.

Along with the PSEi’s improvement, Ricafort attributed the peso’s rise to factors like the US dollar’s decline to an eight-month low, the belief that the Federal Reserve’s cycle of rate increases is nearing an end, and the rise in bond prices following rate increases at the European Central Bank and the Bank of England.

He claimed that the Bureau of the Treasury’s statement that it would begin selling retail treasury bonds on February 7 also helped the peso gain strength.

The range for the local currency against the US dollar is predicted to be between 53.40 and 54 for the coming week, with the range for Monday being between 53.60 and 53.80.

QR Code

Save/Share this story with QR CODE


Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

πŸ“© Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.


We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❀️GIVE A TIP. Send a small donation thru Paypal😊❀️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) πŸ›’ BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) πŸ‘ Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).


AFFILIATE PARTNERS
LiveGood
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x