NextGen Day

The major index of the local exchange closed down on Monday, and the peso fell as a result of the dip in US share markets last week and aggressive remarks from Federal Reserve officials.

To reach 6,599.34 points, the Philippine Stock Exchange index (PSEi) lost 1.29 percent, or 86.56 points.

The All Shares index fell next, by 1.12 percent or 39.95 points, to 3,532.25.

The majority of sectoral indices also ended the day in the red, topped by Services’ 3.46 percent decline.

Mining and Oil, 1.55 percent, Property, 1.39 percent, and Industrial, and Holding Companies, 0.94 percent lagged behind it.

Only the Financials index had gained for the day, rising 0.27 percent.

893.23 million shares, or PHP7.5 billion, were traded.

At 149 to 55, decliners outnumbered gainers while 34 shares remained unchanged.

The head of sales for Regina Capital Development Corporation (RCDC), Luis Limlingan, attributed the PSEi’s downturn in part to the impending rebalancing of Morgan Stanley Capital International (MSCI), the wait-and-see attitude toward the release of the US’s durable goods orders for February 2023, manufacturing index, and the speaking engagements of several Federal Reserve officials.

According to him, oil prices increased at the end of last Friday’s trading “despite pressure from rising US stocks and worries about the health of the world economy” and the potential of decreased Russian shipments.

West Texas Intermediate (WTI) and Brent crude oil futures both increased by 1.2 percent to USD 83.16 and USD 76.32, respectively.

In the meantime, the local currency declined and closed the day at 55.51 to a US dollar as opposed to the previous Friday’s 54.87.

It started the day at 55.25, down from the previous session’s opening price of 55.12.

It fluctuated between 55.64 and 55.00, averaging 55.312.

Volume increased to USD1.33 billion from USD1.11 billion at the conclusion of the previous week.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), attributed the weakening of the peso too, among other things, the PSEi’s performance, the US dollar’s decline, geopolitical tensions between the US and China, reports that Russia had suspended its observance of the New Strategic Arms Reduction Treaty (New START) with the US, and other factors.

The first significant support level for the peso over the previous month, according to Ricafort, was between 54.30 and 54.50, and they “maintain the fundamental integrity of the underlying upward trend since February 3, 2023.”

He expects the peso to fluctuate on Tuesday between 55.40 and 55.60 against the US dollar.

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.

📩 Need to get in touch?

📩 Feel free to Contact NextGenDay.com 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.) 🛒 BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) 👍 Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).

---

AFFILIATE PARTNERS

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.

---