The main index of the local stock exchange rose on Thursday as speculation for further…
Ahead of GDP results, PSEi declines, and the peso nearly maintains its current level against the dollar.
The Philippine Stock Exchange index (PSEi) closed Monday with a negative value due to profit-taking, but the peso ended the day in a sideways movement versus the US dollar.
The local stock index dropped 84.92 points, or 1.27 percent, to 6,600.74 points.
All Shares, the primary indicator, fell by 0.86 percent, or 30.42 points, to 3,525.64 points, while all other counters followed suit.
The property experienced the largest decline of the sectoral indices, falling 2.88 percent.
It was behind Services (1.31%), Financials (1.13%), Mining and Oil (1.07%), Holding Firms (0.56%), and Industrial (0.27%).
718.19 million shares, or PHP5.87 billion, were traded.
At 92 to 86, decliners outnumbered gainers, while 58 shares remained unchanged.
“Investors turned into profit-taking after a strong week in local equities last week, and ahead of the PH (Philippine) GDP (gross domestic product) later,” said Luis Limlingan, head of sales for Regina Capital Development Corporation.
The first quarter 2023 economic performance report will be released by the Philippine Statistics Authority (PSA) on Thursday.
One is that the domestic economy is expected to grow by 5.9 percent in the first three months of this year, which is less than the 7.1 percent predicted for the final quarter of 2022, according to Moody’s Analytics.
Oil prices increased on the global market “on worries that the US banking crisis will weaken the economy and reduce fuel demand.”
West Texas, Intermediate crude oil futures increased by 4.1 percent to USD 71.34 per barrel, while Brent crude oil futures increased by 3.9 percent to USD 75.30 per barrel.
The local currency, which previously finished the day at 55.3 on Friday, closed the day sideways at 55.25 against the dollar today.
It moved between 55.4 to 55.22 from the day’s opening price of 55.4. For the day, the average level was 55.294.
Volume was USD989.15 million, down from USD1.29 billion in the prior session.
Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation, claimed that the peso maintained its stability because of the “slight improvement in the local employment and bank loans data.”
The Bangko Sentral ng Pilipinas stated earlier that bank lending increased by 10.1% annually in March, essentially unchanged from February’s 10 percent growth.
According to the PSA, the employment rate was predicted to be 95,3% in March, slightly higher than 95.2% in February.
The unemployment rate decreased from 12.9 percent in February to 11.2 percent in March.
The US dollar’s decline in value relative to other major currencies was another point mentioned by Ricafort throughout the day’s foreign exchange activity.
The anticipated trading range for the currency pair on Tuesday is 55.15 to 55.35.
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.