NextGen Day

Despite the peso weakening versus the US dollar, Philippine shares fell once further on Friday due to hawkish signals from Federal Reserve officials who suggested that interest rates may rise further.

To reach 6,393.55 points, the Philippine Stock Exchange index (PSEi) lost 11.36 points or 0.18 percent.

All Shares fell 2.94 points, or 0.09 percent, to 3,414.75 points afterward.

Holding Firms, Industrial, and Financials were the three sectoral indices that ended the week lower by a combined 0.15 percent, 0.37 percent, and 0.43 percent.

However, mining and oil production increased 0.78 percent, the property increased 0.59 percent, and services increased 0.25 percent.

537.03 million shares, or PHP3.32 billion, were traded.

41 shares were unchanged, while there were 103 more advancers than decliners.

“Philippines shares were sold on news as investors further processed the implications of the Fed’s (Federal Reserve) recent statements,” said Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC).

This comes after Fed officials hinted that further increases in the Fed’s benchmark interest rates would be possible despite a pause earlier this month as long as inflation stays high.

Comparatively, the peso dropped versus the US dollar and finished the week at 55.77 instead of Thursday’s 55.62.

It fluctuated between 55.775 and 55.55 and began the day sideways at 55.6. The daily average level was 55.645.

Volume increased from USD 767.4 million in the prior session to USD1.06 billion.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), attributed the peso’s performance to a correction brought on in part by the strengthening of the US dollar, hints of a potential cut in the Bangko Sentral ng Pilipinas (BSP) key rates if inflation slows even more to a level of 3 percent, and hawkish signals from Federal Reserve officials.

According to him, the peso-US dollar exchange rate decreased by 0.2 percent for the second week in a row.

The forecast range for the currency pair during the coming week is 55.45–55.95, while the range on Monday is predicted to be 55.65–55.85.

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