NextGen Day

In anticipation of the release of the domestic inflation rate for May 2023, the Philippine Stock Exchange index (PSEi) increased on Monday, although the peso declined versus the US dollar.

The primary equity index increased by 9.63 points, or 0.15 percent, to reach 6,521.64 points.

All Shares increased by 0.33 percent, or 11.46 points, to 3,486.33 points in the following period.

The sectoral gauges varied, but the majority of the counters rose, including Industrial (1.36%), Holding Firms (0.49%), Property (0.30%), and Mining and Oil (0.10%).

However, Services and Financials experienced declines of 0.92 and 0.38 percent, respectively.

1.73 billion shares, or PHP3.38 billion, were traded.

At 114 to 64, more shares advanced than fell, while 37 were unchanged.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), “Philippine shares started the week slightly above as a fresh batch of economic data could set the tone of the market.”

The publication of the domestic inflation data for May 2023, the Philippines’ foreign exchange reserves for May, and industrial production are some variables investors will watch this week.

Before the Federal Reserve meeting on June 13–14, when predictions point to a potential pause in the rate tightening cycle, investors are likewise sitting on the sidelines, according to Limlingan.

On the other side, the peso, which had risen to 55.89 last Friday, is again back at the 56-level against the US dollar and ended the day’s trading at 56.24.

The price ranged from 56.25 to 56.00 throughout the trading day, starting at 56.01. The average level for the day increased from USD 898.5 million at the end of last week to USD 1.08 billion.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), attributed the peso’s performance in part to the international market’s correction in oil prices following Saudi Arabia’s announcement that it would reduce oil production output by 1 million barrels per day beginning in July 2023 to support global crude oil prices.

According to Ricafort, factors that led to the peso’s decline included an increase in US Treasury yields and expectations that the Federal Reserve will hold off on raising interest rates this month, despite expectations that it will do so in July.

The expected range for the local currency on Tuesday is 56.15 to 56.35 to the US dollar.

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