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The local stock market experienced a resurgence of risk-on feelings on Thursday as concerns over international banking problems subsided somewhat. The peso finished the day in a range against the US dollar.

To reach 6,644.75 points, the Philippine Stock Exchange index (PSEi) increased by 0.21 percent or 13.78 points.

All Shares increased by 0.26 percent, or 9.07 points, to 3,538.73 points in the period that followed.
The majority of sectoral indexes advanced throughout the day, topped by the Services sectoral index, which rose by 0.81 percent.

Industrial, with 0.67 percent, Financials, with 0.64 percent, Mining, and Oil, with 0.46 percent, and Holding Companies, with 0.16 percent lagged behind.

Only the Property index, which fell by 0.84 percent, concluded the day in the red.
573.95 million shares, or PHP4.03 billion, were traded.
At 98 to 72, more shares advanced than fell, while 53 were unchanged.

According to Luis Limlingan, head of sales at Regina Capital Development Corp., “Philippine shares marched higher with the strong tech gains in the US market, as well as the lessening concerns regarding the status of the banking sector.”

Limlingan cited a report from the Philippine Economic Zone Authority (PEZA) that showed the number of permitted investments rose to PHP12.54 billion in the first quarter of the year.

Also, he mentioned how the value of gold fell on the world market after it was “weighed by the rising greenback.”

Brent crude prices fell by 0.4 percent to US$78.33 per barrel, while West Texas Intermediate prices fell by 0.1 percent to US$7309. (WTI).

The local stock market’s gains helped the peso, which maintained its stability and fluctuated little versus the US dollar from the previous day’s closing of 54.45 to 54.415.

It began trading at 54.39 and fluctuated between 54.49 and 54.39 during the day, averaging at 54.429.
Volume increased slightly from USD 1.1 billion the day before to just over USD 1 billion.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corp., attributed the peso’s performance in part to the slight increase in the national government’s overall debt as of the end of February 2022—to PHP13.75 trillion from PHP13.7 trillion—and the decline in crude oil prices.

According to him, market participants are still waiting and watching for the US personal consumption expenditures (PCE) report for February 2023, which is anticipated to decline from 5.4 percent in January to roughly 5.1 percent this time next year.

He anticipated that on Friday, the peso will fluctuate between 54.30 and 54.50 versus the US dollar.

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