NextGen Day

On Thursday, the major index of the local stock exchange again finished in the red due to a further slide in US stocks and investors’ wait-and-see attitude regarding the BSP’s policy rate announcement. The peso also performed poorly versus the US dollar.

To 6,404.91 points, the Philippine Stock Exchange index (PSEi) lost 0.30 percent, or 19.3 points.

All Shares then dropped 9.12 points, or 0.27 percent, to 3,417.69 points.

The majority of sectoral indexes likewise ended lower, with the Industrial index leading the way with a 1.25 percent decline, followed by mining and oil (0.60 percent), property (0.49 percent), financials (0.43 percent), holding firms (0.13 percent), and mining and oil (0.60 percent).

Only the Services index increased after gaining by 0.96 percent during the day.

926.13 million shares, or PHP5.45 billion, were traded.

At 106 to 73, decliners outnumbered advancers, while 47 shares remained unchanged.

The tech-driven surge has ended, according to Regina Capital Development Corp. head of sales Luis Limlingan, which has caused a decline in the rise of US shares.

The decrease in the PSEi was influenced by expectations for the Bangko Sentral ng Pilipinas (BSP) rate decision announcement, which is the widely anticipated pause.

The actions taken today were also influenced by remarks made by Fed (Federal Reserve) Chair (Jerome) Powell, who suggested that additional rate increases to combat inflation are likely to come.

This came after the Federal Reserve maintained its fund’s rate at between 5.00 and 5.25 basis points at the FOMC meeting earlier this month after raising it by a total of 500 basis points throughout 10 straight sessions.

Because of predictions of further hikes, markets are watching for clues during Powell’s address before the US Senate later in the day.

Conversely, the peso closed the day at 55.62, barely moving from its previous closing of 55.645.

It began trading at 55.57 and fluctuated between 55.66 and 55.53 before averaging 55.595 for the day.

Volume decreased from little over $1 billion the previous day to USD 767.4 million.

The peso finished at a new two-month low versus the US dollar, according to the chief economist of Rizal Commercial Banking Corp., Michael Ricafort, partly because of the decline in US stocks.

He claimed that, in addition to the Fed’s choices, signals for a potential reduction in the BSP’s key rates were taken into account in recent trade.

He expected the peso to trade against the US dollar on Friday between 55.50 and 55.70. (

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