NextGen Day

The local bourse’s main index finished the week higher thanks to the stronger-than-expected growth of the domestic economy and the US last year, although the peso closed flat against the US currency.

PSEi increased 9.46 points, or 0.13 percent, to 7,052.16 points on the Philippine Stock Exchange.

To reach 3,697.63 points, all Shares increased at the same pace of 0.13 percent, or 4.74 points.

The majority of the sectoral indices had advanced at the conclusion of the week as well, including Mining and Oil (0.74 percent), Financials (0.57 percent), Holding Firms (0.41 percent), and Industrial (0.05 percent).

However, Services and Property both had declines of 0.34 and 0.007 percent, respectively.

1.12 billion shares, or PHP5.65 billion, were traded.

At 105 to 83, more shares advanced than fell, while 59 were unchanged.

According to Luis Limlingan, head of sales for Regina Capital Development Corp., “Philippines shares edged up higher as investors cheered a better-than-expected 4Q GDP (fourth-quarter gross domestic product) report that stoked hopes that the US economy can experience a soft landing as the Fed (Federal Reserve) hikes rates to tame inflation.”

Even though the fourth quarter GDP fell from the previous quarter’s 7.6 percent growth to 7.2 percent partly because of the impact of high inflation, the Philippine economy nevertheless grew by 7.6 percent last year.

This output was higher than the 6.5 to 7.5 percent growth forecast for the year made by the economic manager.

In the last quarter of 2022, the US economy expanded by 2.9 percent annually, beating forecasts of a 2.8 percent print.

As China, the world’s largest oil importer reopens its economy, oil prices on the international market increased “on predictions that global demand would strengthen and on favorable US economic indicators.”

The price of US West Texas Intermediate crude oil rose by 1.1 percent to USD81.01 per barrel, while Brent crude oil futures increased by 1.6 percent to USD87.47 per barrel.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corp., attributed the peso’s sideways performance against the US dollar, which ended at 54.47 from 54.4 the day before to a correction based in part on anticipation of future but slower increases in Federal Reserve rates.

The PSEi’s gains and the reduction in long-term local interest rates, which Ricafort attributed to dovish signals from the Bangko Sentral ng Pilipinas, among other factors, he added, supported the peso.

The peso is anticipated to trade between 54.40 and 54.60 on Monday of next week, while the currency pair is anticipated to fluctuate throughout the week between 54.25 and 54.75.

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