NextGen Day

The major index of the local stock market increased once more on Wednesday as investors continued to take in the excellent first-quarter earnings reports of listed companies. The peso, however, finished the day in a range against the US dollar.

The PSEi, which measures performance on the Philippine Stock Exchange, rose by 0.54 percent, or 35.98 points, to 6,658.59 points.

All Shares then increased by 13.77 points, or 0.39 percent, to 3,546.10 points.

The majority of sectoral indices also increased during the day, headed by Holding Firms’ 1.19 percent nudge forward.

Services, Financials, Property, and Industrial all lagged behind it by a combined 0.44 percent, 0.38 percent, 0.20 percent, and 0.08 percent.

Only the Mining and Oil index, which fell by 0.77 percent, finished the day in the red.

A total of 721.31 million shares, or PHP4.64 billion, were traded.

At 105 to 73, decliners outnumbered gainers while 57 shares remained unchanged.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), “as investors digest more 1Q23 (first quarter 2023) earnings report,” local shares have continued to recover from the prior Monday’s catastrophe.

Oil prices increased once more, according to Limlingan, “as markets considered the US government’s plans to replenish its emergency oil reserve.”

According to him, the West Texas Intermediate (WTI) and Brent crude oil futures both increased by 0.3 and 0.5 percent, respectively.

The peso, which was trading at 55.76 a day earlier, closed flat against the US dollar at 55.67.

It opened the day at 55.72, which was lower than its session-ago beginning of 55.45.

It fluctuated between 55.88 and 55.67, with a 55.77 average.

From USD1.66 billion on Tuesday, volume decreased to USD1.41 billion.

According to Michael Ricafort, chief economist at Rizal Commercial Banking Corporation (RCBC), the peso’s decline versus the dollar was partially due to higher net FDIs to the Philippines in February, which totaled USD1.05 billion, up 13% from the previous year.

According to him, the most recent FDI figures are among the greatest since the pandemic struck in 2020. He attributed this trend, among other things, to the economy’s reopening.

The peso rose as a result of his stock market successes in the region.

The projected range for the local currency on Thursday is 55.60 to 55.80 to the US dollar.

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