NextGen Day

Despite worries about the US financial sector, the local stock gauge rose on Thursday, while the peso fell versus the US dollar.

The Philippine Stock Exchange index (PSEi), which had finished in the red the day before, was helped by risk-on emotions and increased by 0.66 percent, or 43.44 points, to 6,583.68 points.

Most other counters followed the main index, which saw an increase in All Shares of 0.48 percent, or 16.60 points, to 3,508.86 points.

Following Financials, which increased by 2.21 percent, were Services (up 0.97 percent), Industrial (up 0.47 percent), Holding Firms (up 0.14 percent), and Property (down 0.12 percent).

Only the Mining and Oil index, which fell by 2.13 percent, ended the day in the red.

549.17 million shares, or PHP4.7 billion, were traded.

According to Luis Limlingan, head of sales for Regina Capital Development Corporation (RCDC), “Philippine shares started the month-end window dressing early, closing in the green, shrugging off worries around First Republic’s health spurred fears of a broad fallout similar to what happened in the wake of SVB’s (Silicon Valley Bank) collapse.”

The price of oil increased “as investors grew optimistic that holiday travel in China would boost fuel demand in the world’s largest oil importer.”

West Texas Intermediate (WTI) crude futures increased by 1.1 percent to USD78.76 per barrel, while Brent crude futures increased by 1.3 percent to USD82.73 per barrel.

The peso lost value against the US dollar, dropping from its previous closing price of 55.62 to 55.72.

It moved between 55.81 and 55.68 from its opening price of 55.68. For the day, the average level was 55.742.

From USD1.23 billion on Wednesday, volume decreased to USD1.19 billion.

Michael Ricafort, the chief economist of Rizal Commercial Banking Corporation (RCBC), linked the peso’s correction to concerns about the US banking industry and smaller net outflows from overseas portfolio investments.

According to him, since the year began, the value of the local currency relative to the US dollar has decreased by about 0.1 percent.

The local currency is anticipated to fluctuate between 55.60 and 55.80 versus the US dollar on Friday.

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