The local currency gained on Wednesday as optimism about US retail sales and domestic output…
PH stocks index and peso close the week higher
Following the widely anticipated halt in the Bangko Sentral ng Pilipinas (BSP) rate hike cycle a day earlier, both the major index of the local stock exchange and the peso concluded the trading day on Friday with gains.
PSEi increased 0.54 percent, or 35.91 points, to 6,664.55 points on the Philippine Stock Exchange.
All Shares then increased by 13.73 points, or 0.39 percent, to 3,548.37 points.
The majority of sectoral indices saw gains throughout the day, including Financials (1.34%), Holding Firms (0.77%), Mining and Oil (0.49%), and Property (0.22%).
However, services and industry declined 0.22 and 0.09 percent, respectively.
21.32 billion shares, or PHP5.77 billion, were traded.
The number of advancing and declining shares was 84, while 65 remained steady.
According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippine shares were bought up during the last trading day of the week as investors cheered for BSP’s latest policy decision and the potential RRR (reserve requirement ratio) cut in June.”
According to him, gold prices in the global market fell once more “after more strong economic readings from the US further soured bets that the Federal Reserve may ease up on interest rate hikes, with bullion also pressured by optimism for a debt ceiling deal.”
Oil prices decreased relative to other commodities “after solid US economic data spurred the dollar to a two-month high on growing expectations the US Federal Reserve could raise interest rates again in June,” the author continued.
The local currency, which completed the week’s trading at 55.67 from Thursday’s 55.87, tracked gains in the local stock market.
It opened trading for the day at 55.75, a higher opening price than the previous session’s 56.05.
It fluctuated between 55.76 and 55.62, averaging 55.708 as a result.
Volume decreased from USD1.23 billion the day before to USD979.6 million.
Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), said the local currency was supported by the PSEi’s recent increase and the BSP’s decision to maintain its key interest rates at their current levels.
He expects the peso to trade between 55.60 and 56.00 next week, with a projection of 55.60 and 55.80 for Monday.
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