NextGen Day

Before trading on the US financial markets again for the week, the Philippine Stock Exchange index (PSEi) closed Tuesday practically unchanged, but the peso rose against the US dollar.

The main stock market index dropped 1.44 points, or 0.02 percent, to 6,448.90 points.

All Shares were also down by 0.05 percent, or 1.7 points, to 3,439.54 points.

However, the majority of sectoral gauges increased throughout the day, led by Services (0.93%), Mining and Oil (0.78%), Holding Firms (0.36%), and Industrial (0.11%).

However, Property and Financials also experienced declines of 1.20 and 0.30 percent, respectively.

715.78 million shares, or PHP4.75 billion, were traded.

At 92 to 81, more shares rose than fell, while 47 were unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippine shares traded flat before the US reopened as investors are trying to gauge how last week’s strong market sentiment will hold up in a shortened trading week that is light on economic data.”

Due to the Juneteenth holiday honoring the emancipation of African Americans from slavery, there was no commerce in the US on Monday.

The peso increased against the US dollar for the third straight trading day, closing at 55.52, its highest level in more than 1.5 months.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), partially attributed this to the US dollar’s depreciation.

The local currency fluctuated between 55.84 and 55.52 during the trading day, starting at 55.75. For the day, the average level was 55.73.

Volume jumped from USD1.11 billion the day before to USD1.21 billion.

According to Ricafort, the peso was also supported by the rise in remittances given by Filipino workers who are employed abroad and the decline in the price of oil globally.

The peso is expected to fluctuate between 55.45 and 55.65 against the US dollar on Wednesday.

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