NextGen Day

The main index of the local bourse ended flat on Monday in anticipation of the US June 2023 inflation rate, while the peso maintained a sideways movement against the US dollar.

The Philippine Stock Exchange index (PSEi) increased by 0.01 percent, or 0.69 points, to close at 6,379.72 points.

However, the All Shares index slipped by 0.10 percent, or 3.28 points, to settle at 3,419.00 points.

Financials, Property, and Services posted gains among the sectoral gauges, while Holding Firms, Mining and Oil, and Industrial sectors registered losses.

Total volume reached 332.82 million shares valued at PHP2.82 billion.

Decliners outnumbered advancers at 108 to 72, while 48 shares remained unchanged.

According to Luis Limlingan, Head of Sales at Regina Capital Development Corporation (RCDC), investors remained cautious as they awaited the release of key economic data, including the US consumer price index (CPI) for June 2023 on July 12 and the Philippines’ May 2023 trade balance and remittances growth on July 14.

Meanwhile, oil prices climbed to a nine-week high, driven by supply concerns and technical buying, despite concerns over potential interest rate hikes.

In the foreign exchange market, the peso ended sideways against the US dollar, closing at 55.69 compared to 55.62 at the end of last week.

The currency opened the day at 55.55, slightly stronger than the previous session’s close.

The trading range for the peso-dollar pair was between 55.53 and 55.72, with an average of 55.617.

Trading volume decreased to USD748.65 million from USD1.009 billion on Friday.

Michael Ricafort, Chief Economist at Rizal Commercial Banking Corporation (RCBC), noted that the local currency corrected higher against the greenback, partly influenced by the decline in the country’s gross international reserves (GIR) to a four-month low of USD99.8 billion by the end of June 2023.

Ricafort also mentioned that the day’s foreign exchange trading was influenced by the year-on-year decrease in the country’s net foreign direct investments (FDI) in April, which amounted to USD 876 million, higher than the previous month’s USD 548 million.

Market observers expect the currency pair to trade between 55.60 and 55.80 on Tuesday.

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