NextGen Day

The local bourse’s main index ended the week down due in part to the anticipation of US core expenditure results for May 2023 and a rise in oil prices, but the peso gained against the US dollar.

The Philippine Stock Exchange index (PSEi) shed 0.37 percent, or 12.93 points, to 3,452.96 points.

All Shares followed with a drop of 0.77 percent, or 14.31 points, to 1,847.13 points.

Half of the sectoral indices also tracked the main index: Property, 2.34 percent; Financials, 0.77 percent; and Holding Firms, 0.24 percent.

On the other hand, Services gained 0.55 percent; Industrial, 0.18 percent; and Mining and Oil, 0.08 percent.

Volume reached nearly 784 million shares, amounting to PHP4.73 billion.

Decliners led advancers at 95 to 83, while 42 shares were unchanged.

“Philippine shares ended the semester just below the 6,500 level, ahead of the latest data on personal consumption expenditures, the Fed’s (Federal Reserve) favored inflation gauge,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

US core personal consumption expenditure index is forecast to rise by 0.3 percent from 0.4 percent last April, while the annual rate is projected to jump by 4.7 percent, the same as the previous month.

Meanwhile, oil prices rose after a volatile session after a larger-than-expected cut in US crude inventories.

Limlingan, however, said this was countered by fears of rising interest rates and their impact on global growth.

Brent crude futures increased by 0.4 percent to USD74.34 per barrel and the West Texas Intermediate (WTI) by 0.4 percent to USD69.86 per barrel.

On the other hand, the peso gained a greenback after finishing the week’s trade at 55.2 from Thursday’s 55.3.

It opened the day weaker at 55.45 from the previous session’s 55.32.

It traded between 55.52 and 55.17, resulting in an average of 55.368.

Volume increased to USD1.05 billion from USD905.1 million a day ago.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the local currency closed to its new two-and-a-half month low since closing at 54.93 last April 11.

He traced this performance partly to easing the inflation rate, with the Bangko Sentral ng Pilipinas (BSP) projecting the June 2023 level between 5.3-6.1 percent, the upper band of which is the May 2023 print.

He said the continued easing of a producer price index (PPI), drop in loans extended by banks’ foreign currency deposit units (FCDU), and narrower net foreign portfolio investment outflows.

He forecasts the peso to trade between 55.10-55.30 to a US dollar on Monday, while the range for next week is between 55.00-55.50.

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