Oliver Bugarin 5 0 0 3 min to read

Ahead of US GDP statistics, PSEi increased slightly, but the peso barely changed.

The main index of the local bourses closed in the red once more due to investors’ continued aversion to risk, although the peso still holds steady versus the US dollar.

To reach 6,575.67 points, the Philippine Stock Exchange index (PSEi) lost 0.11 percent or 7.19 points.

To reach 3,496.90 points, All Shares dropped by 0.009 percent or 0.31 points.

The majority of sectoral indexes, including Financials (0.58 percent), Industrial (0.44 percent), Holding Firms (0.08 percent), and Services (0.03 percent), also ended in the red.

While this was happening, the Property, Mining, and Oil indices increased by 0.70 and 0.12 percent, respectively.

662.91 million shares, or PHP5.48 billion, were traded.

At 90 to 74, in favor of gainers, 51 shares remained unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corporation (RCDC), “Philippine equities ended the session trading marginally down as investors rebalanced ahead of several economic releases slated to come out Thursday night and the FTSE rebalancing tomorrow.”

Retail sales, import costs, jobless claims, the Philadelphia Fed manufacturing survey results, and the Empire State Manufacturing Survey are among the data that will be made public.

As a result of the high prices this winter, Limlingan also mentioned the increase in oil prices as “supported by anticipation for fuel switching.”

He claimed that West Texas Intermediate (WTI) crude futures rose by 2.1 percent to USD89.20 per barrel, and Brent crude futures rose by 1.8 percent to USD94.78 per barrel.

The peso, meanwhile, closed the day in a sideways fashion at 57.16, down from 57.11 on Wednesday.

It started the trading day at 57.1 and ranged from 57.175 to 56.975. For the day, the average level was 57.073.

Volume decreased from USD989.9 million to USD909.8 million in just one day.


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