The Federal Reserve took a more pessimistic position, as seen by the minutes of the…
PH equities index declines once more while the peso increases in value relative to the US dollar.
The major index of the local stock exchange finished the week in the red as investors continued to wait for the outcome of the US debt ceiling negotiations, while the peso rose against the greenback and reached the 55-level.
The PSEi, which measures performance on the Philippine Stock Exchange, fell for the second day in a row after dropping 0.46 percent, or 30.02 points, to 6,530.20 points.
All Shares then dropped 8.71 points, or 0.25 percent, to 3,488.08 points.
The majority of the sectoral gauges also decreased throughout the day, including Services (1.25%), Financials (0.89%), Property (0.37%), Industrial (0.06%), and Holding Firms (0.04%).
After rising by 0.15 percent, only the Mining and Oil index increased during the day.
1.05 billion shares, or PHP4.55 billion, were traded.
At 98 to 79, losers outnumbered gainers while 37 shares remained unchanged.
“The index closed at 6,530.92 (points) in today’s session as Wall Street still continues to watch developments on the debt ceiling negotiations, and also as the MSCI (Morgan Stanley Capital International) rebalancing closes in,” said Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC).
According to him, the worldwide market saw a 0.6 percent decline in gold prices due to “decreased demand for the bullion as optimism on the debt ceiling grows.”
The same is true for oil prices, with Brent and West Texas Intermediate (WTI) both falling by around 4% as Russia minimized the likelihood of OPEC+ output cuts.
The peso, meanwhile, found its footing again and finished the day at PHP 55.79 against the US dollar, up from PHP 56.065 the previous session.
It started the day at 56.03, a lower price than the 55.79 start of the prior session.
An average of 55.833 was reached after it increased to as high as 55.67 and decreased to 56.05.
Volume decreased from Thursday’s USD1.64 billion to USD986.2 million.
According to Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), the local currency corrected to one of its two-week lows in part because of the decline in global oil prices, which is thought to relieve pressure on inflation.
He expects the peso to fluctuate between 55.50 and 56.00 to the dollar the next week, with a range of 55.70 to 55.90 predicted for Monday.
According to him, the peso’s next significant support level is between levels 55.50 and 55.60.
According to him, the support level for the local currency during the previous four months has been between 54.70 and 55 levels, which “protect the structural integrity of the underlying upward trend since February 3, 2023.”
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.