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— The Editors

PH stocks index up, peso ends sideways

By Joann Villanueva

November 17, 2022, 9:12 pm

<p><strong>UP.</strong> The Philippines main stocks index remained up on Thursday (Nov. 17, 2022) ahead of the 75 basis points increase announcement in the central bank's key rates during the day. On the other hand, the peso ended the day sideways against the US dollar. <em>(PNA graphics)</em></p>

UP. The Philippines main stocks index remained up on Thursday (Nov. 17, 2022) ahead of the 75 basis points increase announcement in the central bank's key rates during the day. On the other hand, the peso ended the day sideways against the US dollar. (PNA graphics)

MANILA — Another rise of the local bourse’s main index was registered on Thursday ahead of the announcement about the 75 basis points increase in the central bank’s rate but the peso depreciated.
 
The Philippine Stock Exchange index (PSEi) rose by 0.18 percent, or 11.65 points, to 6,403.74 points.
 
All Shares followed with a jump of 0.36 percent, or 12.30 points, to 3,388.60 points.
 
Half of the sectoral gauges tracked the main index, namely Industrial, 0.99 percent; Property, 0.51 percent; and Holding Firms, 0.10 percent.
 
On the other hand, the Financials shed by 0.23 percent, Services,0.16 percent; Mining and Oil, 0.13 percent.
 
Volume reached 582.72 million shares amounting to PHP7.3 billion.
 
Advancers surpassed decliners at 95 to 83 while 48 shares were unchanged.
 
“Philippine shares bucked the trend ahead of the BSP (Bangko Sentral ng Pilipinas) meeting while US markets tumbled yesterday in response to a weak outlook from retail chain Target, as inflation pinches shoppers heading into the holiday season,” said Luis Limlingan, Regina Capital Development Corporation head of sales.
 
Trading in the local bourse ended ahead of the BSP’s announcement of another 75 basis points increase in its key rates after noting the outlook for inflation, which is expected to remain high until the next few months.
 
Meanwhile, the peso finished the day sideways against the US dollar at 57.36 from 57.35 a day ago.
 
It opened the day at 57.45 weaker from its 57.38 start on Wednesday.
 
It traded between 57.53 and 57.35, resulting in an average of 57.45.
 
Volume declined to USD661.88 million from day-ago’s USD1.02 billion.
 
Rizal Commercial Banking Corporation chief economist Michael Ricafort traced the peso’s performance partly to another 75 basis points in the central bank’s key rates during the day and the upward adjustments in the central bank’s average inflation forecast for 2022 and 2023.
 
The BSP hiked its 2022 average inflation forecast to 5.8 percent from 5.4 percent, and the 2023 forecast to 4.3 percent from 4 percent.
 
It, however, reduced the 2024 forecast from 3.2 percent to 3.1 percent.
 
Ricafort said that with inflation expected to remain elevated in the coming months, the possibility of more rate hikes.
 
For Friday, the peso is expected to range between 57.30 to 57.50. (PNA)
 
 

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