NextGen Day

The major index of the local stock exchange closed lower on Wednesday due to worries about the US banking sector, while the peso ended the day trading in a sideways pattern against the US dollar.

Finally giving in to risk-off sentiments, the Philippine Stock Exchange index (PSEi) dropped by 0.81 percent, or 53.15 points, to 6,540.24 points.

To reach 3,492.26 points, All Shares decreased by 0.41 percent, or 14.53 points.

The majority of sectoral indices likewise finished in the red, with the financial sector down 1.42 percent, the industrial sector down 0.89 percent, holding companies down 0.69 percent, and real estate down 0.13 percent.

Services saw a gain of 0.13 percent, while Mining and Oil saw an increase of 1.30 percent.

766.97 million shares, or PHP5.45 billion, were traded.

With 101 to 95 in favor of decliners, 47 shares were unchanged.

According to Luis Limlingan, head of sales for Regina Capital Development Corp., “Philippine shares eked lower following First Republic Bank’s statement that its deposits fell 40% y/y (year-on-year) to USD104.5 billion in 1Q23 (first quarter of 2023), which reignited concerns about the banking sector.”

The financial institution with its headquarters in San Francisco was one of the US banks that experienced turbulence last month as a result of significant deposit outflows following the failure of Silicon Valley Bank and Signature Bank.

Concerns over the US banking industry exacerbated risk-off feelings regarding the direction of the US economy and a potential recession.

Oil prices decreased “as deepening concerns of an economic slowdown and a stronger dollar outweighed hopes of higher Chinese demand and lower US crude stocks.”

West Texas Intermediate (WTI) crude oil futures fell by 2.2 percent to USD77.07 per barrel while Brent crude oil futures fell by 2.4 percent to USD80.77 per barrel.

The peso closed the day flat versus the US dollar at 55.62 as opposed to 55.54 the day before.

Averaging 55.608, it started the day at 55.57 and fluctuated between 55.71 and 55.54.

Volume fell from USD1.27 billion in the previous session to USD1.23 billion.

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