74 0 0 4 min to read

PSEi declines due to concerns over US developments as the peso gains

The major index of the local stock exchange closed down on Monday due to concerns about developments in the US, which were partly sparked by the collapse of Silicon Valley Bank (SVB), while the peso rose against the US dollar.

To reach 6,544.45 points, the Philippine Stock Exchange index (PSEi) lost 0.69 percent or 45.43 points.

an an an an an an an an an an an an an an an an an an an an an an a.

The majority of sectors indices—Financials, 2.04%; Services, 2.02%; Industrial, 0.74 percent; and Property, 0.07 percent—also finished the day in the red.

Holding Companies, on the other hand, increased by 0.44 percent, and Mining and Oil increased by 0.007 percent.

A total of 913.52 million shares, worth PHP25.53 billion, were traded.

At 124 to 58, decliners outnumbered gainers while 47 shares remained unchanged.

The head of sales at Regina Capital Development Corporation (RCDC), Luis Limlingan, reported that “Philippines shares fell following the performance of the US market last Friday.”

The struggling financial company in the US, SVB Financial, was the subject of his comment. “Fear spiked on Friday and options trading on the index soared to a near four-year high amid a deepening problem at SVB Financial,” he added.

The US consumer price index for February 2023, the producer’s pricing index (PPI), and the retail sales report are further trading-related factors.

Cash remittances, the January 2023 balance of trade, and the government’s budget report for January 2023 are among the economic data released this week on the local front.

On the other hand, “following the better-than-expected US job report,” Brent crude oil futures increased by 1.5 percent to USD82.78 per barrel and West Texas Intermediate (WTI) by 1.3 percent to USD76.68 per barrel.

The peso increased in value versus the US dollar as of late, completing the day at 54.93 as opposed to last Friday’s conclusion of 55.17.

It started the week at 55.05, a significant improvement from the previous session’s 55.17 openings.

It fluctuated between 55.08 and 54.79, averaging 54.919.

Volume increased from USD779.8 million in the prior session to USD1.07 billion.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), attributed some of the peso’s gains in a commentary to the fall in US stocks, profit-taking in the US currency, and the effects of the SVB bankruptcy.

He said that the Japan Credit Rating Ltd. (JCR) agency’s choice to maintain the Philippines’ A-level investment grade credit rating with a stable outlook, citing the nation’s robust macroeconomic fundamentals, somewhat offset these considerations.

He expects the peso to fluctuate on Tuesday between 54.80 and 55.00 to the dollar.

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.

📩 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.) 🛒 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
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