NextGen Day

At the start of this week, risk-off attitudes caused the main index of the local stock exchange to close in the red and the peso to weaken against the US dollar.

On Monday, the Philippine Stock Exchange index (PSEi) dropped 55 points, or 0.84 percent, to 6,523.15 points.

To reach 3,491.10 points, All Shares fell by 0.57 percent or 19.85 points.

Most sectors’ indices likewise finished in the red, with Property leading the pack as it fell 1.17 percent.

Services came in second with 1.01 percent, followed by Holding Companies with 0.75 percent, Industrial with 0.66 percent, and Financials with 0.51 percent.

After rising by 0.45%, only the Mining and Oil index increased during the day.

1.65 billion shares, or PHP4.14 billion, were traded.

At 106 to 86, decliners outnumbered gainers, while 42 shares remained the same.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippine shares plunged steeply as concerns around (the) US economy resurfaced and dampened investors’ sentiment.”

The US retail sales numbers for April 2023 and the Bangko Sentral ng Pilipinas (BSP) rate decision are two factors that will influence trade this week.

West Texas Intermediate (WTI) and Brent crude prices decreased, with WTI falling by 1.2 percent to USD70.04 per barrel and Brent by 1.1 percent to USD74.17 per barrel, respectively, “on supply fears against renewed economic concerns.”

In the meantime, the local currency declined from its Friday night closing of 55.79 to 56.07 versus the US dollar.

It started the trading session at 55.95 and fluctuated between 55.9 and 56.09. For the day, the average level was 55.971.

Volume decreased from the previous session’s USD1.49 billion to USD1.28 billion.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), attributed some of the peso’s weakening to a potential pause in the Bangko Sentral ng Pilipinas’ (BSP) major rate-hiking activities and a reduction in the reserve requirement ratio for banks if inflation continues to decelerate.

He said that news of the government postponing the anticipated US dollar retail bond also came up during the day’s foreign exchange market.

He expects the peso to fluctuate on Tuesday between 55.95 and 56.15 per US dollar.

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