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Both the local stock market and the Philippine peso ended Tuesday on a positive note.

The Philippine Stock Exchange index (PSEi) closed with a modest increase of 6.26 points, reaching 6,514.47. Similarly, all shares improved by 5.11 points, closing at 3,472.53. While half of the counters closed in the green, the remaining shares were in negative territory.

Industrial shares led the gainers, increasing by 61.59 points to 9,214.82. Following closely were Holding Firms, up by 34.10 points to 6,473.25, and Services, higher by 10.02 points to 1,571.97. On the other hand, the biggest losers of the day were Financials, down by 19.99 points to 1,836.13, followed by Property, which declined by 4.36 points to 2,650.21, and Mining and Oil, down 2.77 points to 9,966.39.

According to Regina Capital Development Corp. head of sales Luis Limlingan, Philippine equities were boosted by public enthusiasm towards artificial intelligence. Other factors influencing the day’s trading included the worse-than-expected manufacturing purchasing managers’ index (PMI) in the United States, while investors remained cautious ahead of June’s inflation data.

Meanwhile, the Philippine peso closed at 55.23 against the United States dollar, gaining 0.09 from Monday’s closing of 55.32. The local currency started the day stronger at 55.20 and traded between a low of 55.20 and a high of 55.30.

Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, noted that the US dollar has also weakened against major global currencies recently. He mentioned that the markets are anticipating a seasonal increase in overseas Filipino workers’ remittances, which would be converted to pesos for tuition payments and other expenses related to the upcoming school season in July-August 2023.

Ricafort further stated that the peso has been strengthening consistently since last week following the announcement of the new central bank chief. Eli Remolana has been named as the new Governor of the Bangko Sentral ng Pilipinas (BSP), taking over from former Governor Felipe Medalla on July 3. This development is seen as positive for the markets and the economy, as Remolana brings international experience and a reputation for central banking in developed countries.

The volume of trade reached USD801.82 million, lower than the previous day’s level of USD1.26 billion. For Wednesday, Ricafort expects the peso-dollar exchange rate to range between 55.15 and 55.35.

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