NextGen Day

Prior to the Holy Week holidays, the local stock exchange’s key index increased, while the peso fell versus the dollar.

To reach 6,529.99 points, the Philippine Stock Exchange index (PSEi) increased by 0.47 percent or 30.31 points.

All Shares then increased by 5.06 points, or 0.14 percent, to 3,498.43 points.

However, the majority of sectoral indexes finished in the red, with the services sector down 1.61 percent, the mining and oil sector down 0.86 percent, the industrial sector down 0.78 percent, and the financial sector down 0.21 percent.

Holding Companies, however, increased by 1.79 percent, while Property increased by 1.26 percent.

1.77 billion shares, or PHP4.08 billion, were traded.

At 94 to 88, decliners outnumbered advancers, while 56 shares remained unchanged.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation, “Sentiments got a boost from the US as equities climbed overall for the quarter even with more Federal Reserve rate tightening and a mini-financial panic triggered by the collapse of Silicon Valley Bank.”

As supplies became more scarce in some regions of the world and US inflation data showed a halt in price increases, he said, oil prices rose.

West Texas Intermediate (WTI) crude oil futures increased by 1.8 percent to USD75.67 per barrel, while Brent crude oil futures increased by 1.6 percent to USD79.89 per barrel.

In the meantime, the peso dropped from 54.36 last Friday to 54.73 today.

It fluctuated between 54.77 and 54.4 over the short business week. For the day, the average level was 54.591.

Volume increased to USD 1.2 billion from USD 942.6 million.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation, attributed the peso’s weakening in part to the decline in world oil prices and the strengthening of the US dollar, which were offset by the yearly rise in remittances sent home by Filipinos working abroad during Holy Week.

He predicts that on Tuesday, the peso will trade between 54.60 and 54.80 to the US dollar.

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