NextGen Day

Prior to the release of some economic data from the US, the local bourse’s main index concluded the week’s first session higher as the peso declined against the US dollar.

To reach 6.505.62 points, the Philippine Stock Exchange index (PSEi) increased by 0.37 percent, or 23.71 points.

To reach 3,489.54 points, All Shares increased by 0.25 percent, or 8.77 points.

The majority of sectors’ indices saw gains throughout the day as well, with Holding Firms, Industrial, Property, and Services all seeing gains of at least 0.2%.

Financials, on the other hand, decreased by 0.83 percent, while Mining and Oil declined by 0.36 percent.

1.07 billion shares, or PHP4.39 billion worth, were traded.

At 98 to 82, decliners outnumbered advancers, while 61 shares remained unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippine shares started the shortened trading week in the green with a fresh new batch of economic data likely to dictate market sentiment.”

The Philadelphia Fed manufacturing index is one of the data sets for release in the US this week, and Federal Reserve officials will be speaking at various events all week.

The financial markets will be closed on Friday in observance of Eid al-Fitr.

The price of oil increased on the world market “after the West’s energy watchdog said global demand will hit a record high this year on the back of a recovery in Chinese consumption.”

West Texas Intermediate (WTI) crude oil futures increased by 0.4 percent to USD82.52 per barrel while Brent crude oil futures increased by 0.3 percent to USD86.31 per barrel.

The peso, however, lost ground today, closing at 55.85 to the dollar, down from last Friday’s 55.21 close.

Its early weakness was evident as it started the day at 55.35 instead of the previous session’s 55.23.

It fluctuated between 55.87 and 55.35, averaging 55.589.

Volume was $1.37 billion, down from $1.39 billion at the conclusion of the previous week.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), ascribed the peso’s performance during the day to the decline in the amount of monthly cash remittances in February of last year, from USD2.76 billion to USD2.569 billion.

Despite this decline in cash remittance inflows, figures from the Bangko Sentral ng Pilipinas (BSP) released on Monday indicated that remittances increased by 2.4 percent in February of last year.

The increase in global oil prices, the correction of the 10-year US Treasury yield to two-week highs, and a recent indication from the BSP regarding a potential pause in its rate-hike cycle, if inflation sustains its deceleration, are further factors in the day’s foreign exchange trade.

According to Ricafort, the peso-US dollar exchange rate is now 0.2 percent higher than the peso’s close of 55.755 at the end of 2022, wiping out all of the local currency’s gains made this year.

He expects the peso to fluctuate on Tuesday between 55.75 and 55.95 against the US dollar. (

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