NextGen Day

The local stock market and currency displayed a mixed performance on Wednesday.

The Philippine Stock Exchange index (PSEi) closed slightly lower, decreasing by 2.08 points or 0.03 percent to 6,512.39. Likewise, the All Shares index declined by 2.78 points or 0.08 percent, settling at 3,469.75 points. Most sectoral indices closed in negative territory, with Mining and Oil leading the declines at 0.65 percent, followed by Industrial at 0.50 percent, and Property at 0.25 percent. On the positive side, Financials gained 0.14 percent, and Holding Firms rose by 0.11 percent. Trading volume reached 522.37 million shares valued at PHP3.82 billion.

According to Luis Limlingan, the head of sales at Regina Capital Development Corp., Philippine shares were relatively flat as Wall Street prepared to resume a holiday-shortened week. Investors were also monitoring the release of May factory order data and anticipating the minutes from June’s Federal Open Market Committee (FOMC) meeting, which could provide insights on future interest rate hikes.

Meanwhile, the Philippine peso weakened slightly against the US dollar, closing at 55.385 compared to the previous day’s rate of 55.23. The peso started the day at 55.30 and traded between 55.46 and 55.28, with an average of 55.39. The volume of trade reached USD1.16 billion, higher than the previous day’s USD801.8 million.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corp. (RCBC), noted that the US dollar-peso exchange rate corrected slightly higher ahead of the release of the latest Federal Reserve minutes, which could provide new guidance for the US financial markets. Ricafort projected the peso-dollar exchange rate to range between 55.25 and 55.45 on Thursday.

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