NextGen Day

The major index of the local stock exchange recovered its footing on Wednesday as the World Bank (WB) expressed support for the country’s continuing economic growth and its goal of ending poverty by 2040, while the peso ended the day in a sideways position against the US dollar.

The Philippine Stock Exchange index (PSEi) rose 0.19 percent, or 12.39 points, to 6,615.95 points following a two-day decline.

To 3,525.36 points, All Shares fell 2.06 points or 0.06 percent.

With Mining and Oil falling by 0.76 percent, Property falling by 0.54 percent, Services falling by 0.29 percent, and Financials falling by 0.15 percent, most sectoral indicators also ended negatively.

On the other hand, Holding Companies increased by 0.79 percent, while Industrial barely changed, increasing by 0.006 percent.

Around 750 million shares, or PHP3.8 billion, were traded.

From 101 to 68, more shares fell than rose, while 50 remained unchanged.

The newest WB statement supporting continued domestic economic growth and the elimination of poverty by 2040, according to Regina Capital Development Corporation (RCDC) head of sales Luis Limlingan, increased investors’ enthusiasm for the local equity market.

“WB’s statement overshadowed the worries on uncertainties on debt ceiling negotiations in Washington,” the man claimed.

When the minutes of the Federal Reserve’s meeting from last May 2–3 were released later, he said that investors were likewise taking a wait-and-see approach.

The international market for oil futures increased “on forecasts for a tighter gasoline market and a warning from the Saudi energy minister to speculators that raised the prospect of further OPEC+ (Organization of the Petroleum Exporting Countries and ten more non-OPEC members) output cuts.”

The local currency fluctuated from its previous day’s close of 55.725 to conclude at 55.77, sideways.

It opened at 55.77 and fluctuated between 55.82 and 55.725 throughout the day. For the day, the average level was 55.77.

Volume decreased to USD 890.3 million from USD 1.19 billion the day before.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), partially attributed the peso’s performance to Prince Abdulaziz bin Salman of Saudi Arabia’s severe warning against oil speculators before the OPEC+ meeting next month.

According to Ricafort, the warning caused the increase in oil prices to a two-week high.

He added that factors influencing the day’s currency trading included the US dollar index’s higher revision than other major currencies and the Federal Reserve officials’ hawkish signals.

Ricafort expects the peso to fluctuate between 55.65 and 55.85 versus the US dollar on Thursday.

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