MANILA – Risk-on sentiments returned to the local bourse as worries about the banking issues overseas waned a bit, resulting in another rise for the main index on Thursday, while the peso ended sideways against the greenback.
The Philippine Stock Exchange index (PSEi) rose by 0.21 percent, or 13.78 points, to 6,644.75 points.
All Shares followed with a jump of 0.26 percent, or 9.07 points, to 3,538.73 points.
Most of the sectoral indices also gained during the day, led by Services after it increased by 0.81 percent.
Trailing behind were Industrial, 0.67 percent; Financials, 0.64 percent; Mining and Oil, 0.46 percent; and Holding Firms, 0.16 percent.
Only the Property index finished the day in the negative territory after slipping by 0.84 percent.
Volume reached 573.95 million shares amounting to PHP4.03 billion.
Advancers led decliners at 98 to 72 while 53 shares were unchanged.
“Philippine shares marched up amid the strong tech gains in the US market, as well as the easing concerns around the status of the banking sector,” said Luis Limlingan, Regina Capital Development Corp. head of sales.
Limlingan cited a report by the Philippine Economic Zone Authority (PEZA) regarding the increase of approved investments in the first quarter of the year to PHP12.54 billion.
He also noted the drop in the price of gold in the international market after it was “weighed by the stronger greenback.”
Oil prices declined by 0.4 percent to USD78.33 per barrel for the Brent crude and by 0.1 percent to USD73.09 for the West Texas Intermediate (WTI).
The gains in the local bourse benefited the peso, which kept its footing and was little changed against the US dollar at 54.415 from the previous day’s close of 54.45.
It opened the day at 54.39 and traded between 54.49 and 54.39, reaching an average of 54.429.
Volume reached a little more than USD1 billion from USD1.1 billion the previous day.
Rizal Commercial Banking Corp. chief economist Michael Ricafort traced the peso’s performance partly to the small increase in the national government’s total debt as of end-February 2022 to PHP13.75 trillion from the previous month’s PHP13.7 trillion and the drop in crude oil prices.
He said market players are still on a wait-and-see stance for the personal consumption expenditures (PCE) report from the US for February 2023, which is widely expected to slow to about 5.1 percent year on year from 5.4 percent last January.
He forecast the peso to trade between 54.30 and 54.50 against the US dollar on Friday. — Joann Villanueva (PNA)
Credit belongs to : www.pna.gov.ph