NextGen Day

The main index closed lower on Monday due to risk-off sentiments that were prevalent in the local market ahead of the Federal Reserve meeting later in the week, while the peso rose versus the US dollar.

To reach 6,744.12 points, the Philippine Stock Exchange index (PSEi) lost 0.51 percent or 34.9 points.

All Shares then dropped 13.94 points, or 0.38 percent, to 3,607.75 points.

All sectoral counters likewise ended the day in the red, with Mining and Oil leading the pack as it fell 1.21 percent.

Industrial trailed by 0.68 percent, followed by 0.49 percent for real estate, 0.43 percent for holding companies, 0.39 percent for finances, and 0.15 percent for services.

A total of 483.44 million shares, or PHP3.3 billion, were traded.

At 115 to 72, decliners outnumbered advancers while 47 shares remained unchanged.

Investors are worried about the US consumer price index in addition to the Federal Reserve’s rate decision on Feb. 23, according to Luis Limlingan, head of sales at Regina Capital Development Company (RCDC) (CPI).

Market players are still generally suspicious of the Fed’s rate changes to curb inflation, he added.

On the other side, the West Texas Intermediate (WTI) and Brent crude oil futures both fell to USD 83 and USD 76.34 per barrel, respectively.

The peso increased in value relative to the US dollar and concluded Friday’s first trading day at 54.95 instead of the previous Friday’s 55.24.

It started the day at 55.31, down from the previous session’s opening price of 55.25.

The average price of the local currency, which fluctuated between 55.168 and 54.95, was 55.168.

Compared to the USD878.3 million at the conclusion of the previous week, volume came in at USD717.4 million.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), said worries about the US inflation rate, the Federal Reserve’s interest rate decision, and the peso’s correction was taken into consideration during the day’s foreign exchange market trading.

According to Ricafort, market players will take into account the Federal Reserve’s 0.25 basis point rate increase at its upcoming two Federal Open Market Committee meetings (FOMC).

The global crude oil price has declined to levels that are among the lowest in more than a year, he said, adding that the peso is now stronger against the US dollar.

The predicted range for Tuesday’s exchange rate between the two currencies and the US dollar is 54.85 to 55.10.

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