NextGen Day

The major index of the local stock exchange scarcely changed on Tuesday at the start of the brief trading week before the release of the May inflation report from the US, but the peso strengthened against the greenback.

To reach 6,507.26 points, the Philippine Stock Exchange index (PSEi) increased by 0.002 percent or 0.11 points.

In the meantime, All Shares dropped 8.93 points, or 0.26 percent, to 3,467.25 points.

The majority of sectoral indicators, including Industrial (0.62 percent), Mining and Oil (0.46 percent), Financials (0.26 percent), and Property (0.005 percent), finished in the red.

Services, on the other hand, increased by 0.14 percent, while Holding Firms increased by 0.12 percent.

517.10 million shares, or PHP5.51 billion, were traded.

At 127 to 68, decliners outnumbered gainers while 43 shares remained the same.

The PSEi’s closing earlier in the day was attributed by Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), to investors’ wait-and-see attitude before the release of the US’s May 2023 inflation report later in the day.

Other data releases for the week, according to him, include the retail sales and the manufacturing report from the Philadelphia Fed.

This week’s Federal Open Market Committee (FOMC) meeting will determine the Federal Reserve’s key interest rates, and everyone will be watching.

The release of the March 2023 foreign direct investments (FDIs), which dropped 30.7 percent year over year to USD548 million, the lowest in two months, and the April 2023 cash remittances are two trading catalysts on the local front.

Brent crude prices dropped by 3.9 percent to USD71.84 per barrel, while West Texas Intermediate (WTI) prices dropped by 4.4 percent to USD67.12 per barrel. “After analysts highlighted rising global supplies and concerns about demand growth just ahead of key inflation data and a US Federal Reserve meeting later this week,” he added.

The peso increased in value relative to the US dollar, finishing Tuesday at 55.95 as opposed to 56.05 last Friday.

It started trading at 56.09, which was lower than its opening price of 55.999 the previous session.

It fluctuated between 56.13 and 55.93, averaging 56.047.

Volume decreased from USD979.2 million at the conclusion of last week to USD834.75 million.

According to Michael Ricafort, chief economist of Rizal Commercial Banking Corporation (RCBC), the decline in global oil prices was one of the reasons why the peso-US dollar exchange rate softened marginally for the second straight trading day.

He said that the decreased oil prices have contributed to the further slowing of domestic inflation.

According to Ricafort, the US dollar’s decline in value relative to other significant currencies also contributed to the peso’s strength during the day.

He expects the peso to fluctuate on Wednesday between 55.85 and 56.05 against the US dollar.

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