NextGen Day

The major index of the local stock exchange and peso rose on Friday as risk-on sentiments prevailed. Economists noted that the earnings reports from certain US-listed companies and the recent decline in oil prices offset the weaker-than-anticipated GDP growth print in the US.

To reach 6,625.08 points, the Philippine Stock Exchange index (PSEi) increased by 0.63 percent or 41.40 points.

All Shares increased by 0.67 percent, or 23.67 points, to 3,532.53 points in the following period.

Half of the sectors indexes, which included Industrial (1.64%), Holding Firms (1.29%), and Property (1.0%), tracked the primary index.

Services fell by 0.91 percent, Financials by 0.46 percent, and Mining and Oil by 0.16 percent, on the other hand.

899.96 million shares, or PHP8.34 billion, were traded.

At 102 to 100, advancers outnumbered decliners, while 43 shares remained unchanged.

The first quarter’s revenue report from US company Meta, which is up 3% to USD28.10 billion, countered the US economy’s weaker-than-expected 1.1 percent annualized growth in the first three months of this year, according to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

Investors “appeared to shake off light GDP data that could signal the Fed’s rate-hiking campaign may soon come to an end,” the author added.

He noted reports of Russian Deputy Prime Minister Alexander Novak, who indicated that the world’s oil markets are balanced and discounted the need to reduce production further. He said that oil prices on the international market “steadied”.

West Texas Intermediate (WTI) crude oil concluded the day at USD74.81 per barrel, while Brent crude oil futures closed at USD78.29 per barrel.

The local currency, which started the day at 55.72 against the US dollar and concluded it at 55.38, performed better today.

It traded between 55.62 and 55.32 and started the day at 55.62. For the day, the average level was 55.497.

Volume increased from USD 1.19 billion the day before to USD 1.24 billion.

Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), linked the peso’s strengthening versus the dollar to the PSEi’s gains and the recent drop in oil prices, which he said is anticipated to boost domestic prices and domestic inflation rate.

The Bangko Sentral ng Pilipinas’ (BSP) prediction of 6.3 to 7.1 percent inflation for April 2023, according to Ricafort, is a gain because it is lower than the 7.6 percent annual rate of price increases for March 2018.

The local currency is anticipated to trade against the US dollar between 55.10 and 55.60 during the coming week, and between 55.30 and 55.50 on Monday.

Save/Share this story with QR CODE

We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❤️GIVE A TIP. Send a small donation thru Paypal😊❤️
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
2.) Be one of our SPONSOR or GUEST POST and GET a website backlink. We can publish your PR stories, news articles, and company promotion for your products/services as additional exposure.
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 & SPONSORS

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.

Please follow and like us:

2

2k

20