In observance of the Holy Week, the Philippine News Agency’s online news service will be off on March 29, Good Friday, and March 30, Black Saturday. Normal operations will resume on March 31, Easter Sunday.

— The Editors

PSEi recovers amid slump in oil prices; peso on sideways path

By Joann Villanueva

July 22, 2022, 8:51 pm

<p><strong>WEAKER DOLLAR</strong>. The depreciation of the US dollar against other currencies, along with the decline in oil prices, boosts the local bourse's main index on Friday (July 22, 2022). The local currency continued to remain firm to the US dollar. <em>(PNA file photo)</em></p>

WEAKER DOLLAR. The depreciation of the US dollar against other currencies, along with the decline in oil prices, boosts the local bourse's main index on Friday (July 22, 2022). The local currency continued to remain firm to the US dollar. (PNA file photo)

MANILA – The local stock barometer recovered on Friday after slipping in the past days while the peso sustained its sideways finish against the US dollar.

The Philippine Stock Exchange index (PSEi) rose by 0.12 percent, or 7.22 points, to 6,263.39 points.

All Shares, meanwhile, ended flat with a drop of 0.02 percent, or 0.8 points, to 3,381.06 points.

Half of the sectoral indices also gained during the day namely Holding Firms, 0.76 percent; Financials, 0.18 percent; and Services, 0.05 percent.

On the other hand, Mining and Oil shed 1.49 percent, Property, 0.79 percent; and Industrial, 0.19 percent.

Volume was thin at 604.04 million shares amounting to PHP3.29 billion.

Losers surpassed gainers at 92 to 82, while 56 shares were unchanged.

“Local shares ended Friday marginally higher on a softer greenback. Investors also digested a slump in oil prices,” said Luis Limlingan, Regina Capital development Corporation (RCDC) head of sales.

Limlingan said Brent crude oil futures fell by around 4.8 percent to USD101.79 per barrel and US’ West Texas Intermediate (WTI) by about 5.06 percent to USD94.83 per barrel.

He traced the decline in oil futures prices to higher US gasoline stockpiles.

He added European Central Bank’s (ECB) surprise rate cut also affected sentiments due to concerns on path of demand in the coming days.

The ECB on Thursday (Manila time) hiked its benchmark deposit rate by 50 basis points to zero percent, ending the negative interest rate regime.

This is the first rate hike in 11 years and the jump is higher than market expectations, which aimed at addressing accelerating inflation rate.

Limlingan said oil supply concerns also eased after the resumption of supply flows from Libya and Russia’s gas supply to Europe.

Meanwhile, the local currency continues to end sideways against the US dollar after it finished the day at 56.28 from 56.35 a day ago.

It opened Friday at 56.35 and traded between 56.39 and 56.27.

The average level for the day stood at 56.327.

Volume reached USD789 million, higher than the previous session’s USD647.45 million. (PNA)

 

Comments