NextGen Day

📈 MANILA – Bargain hunters stepped in to support the local stock market, pushing it back above the 6,500 mark, while the peso continued to experience depreciation, crossing the PHP56-level on Monday.

The Philippine Stock Exchange index (PSEi) closed at 6,507.78, showing an improvement of 56.94 points, with all shares gaining 26.31 points to finish at 3,473.92.

According to Juan Paolo Colet, managing director at China Bank Capital Corp., the market regained ground as index names that were sold down last Friday due to the PSEi rebalancing saw a rebound.

However, Colet pointed out that market turnover remained low, reflecting investors’ cautious sentiment ahead of releasing the Philippine gross domestic product (GDP) result for the second quarter of 2023 and the inflation data in the United States within the week.

Except for Property, which declined by 22.95 points, all sectors ended in the green. The top gainer was the Industrial sector, with shares up by 123.06 points, followed by Holding Firms (+65.44 points), Mining and Oil (+55.91 points), Services (+30.57 points), and Financials (+6.66 points).

Among the 179 listed companies, advancers led decliners at 97 to 82, with 51 firms remaining unchanged.

Meanwhile, the peso closed at 56.02 to the US dollar, compared to Friday’s finish of 55.74 to the greenback. The local currency depreciated by PHP0.28, experiencing a decline for four consecutive days.

According to Michael Ricafort, chief economist at Rizal Commercial Banking Corp., the peso touched the 56 levels last on June 9, at 56.05.

“The peso also weakened after recent signals on being careful of not hiking local policy rates too much to avoid slowing economic/GDP growth, as well as some net foreign selling in the local stock market recently,” Ricafort said.

The currency pair opened trading at 55.65, fluctuating between a low of 56.02 and a high of 55.60, ultimately settling at an average of 55.74.

The trade volume declined significantly to USD73.75 million from Friday’s volume of USD1.14 billion.

Market participants are closely monitoring economic indicators and global market developments as uncertainties continue to influence investor behavior. 📈💱🤝

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