WAIT-AND-SEE STANCE. The Philippine Stock Exchange index (PSEi) sustained its rise for the second consecutive day on Thursday (March 2, 2023) amidst the wait-and-see stance for economic data releases, including the February 2023 domestic inflation rate. The peso was almost unchanged against the US dollar partly due to the assurance from monetary officials of their readiness to use all possible policy tools to help tame the elevated inflation rate. (PNA graphics)
MANILA – The local bourse’s main gauge rose anew on Thursday amidst investors’ wait-and-see stance for new economic data but the peso finished the day little changed against the greenback.
The Philippine Stock Exchange index (PSEi) rose by 0.23 percent, or 15.32 points, to 6,622.45 points.
All Shares also inched up by 0.28 percent, or 9.82 points, to 3,549.18 points.
Most of the sectoral indices also posted increases namely Mining and Oil, 1.16 percent; Property, 1.02 percent; Services, 0.35 percent; Industrial, 0.06 percent; and Holding Firms, 0.007 percent.
Only the Financial index ended the day in the negative territory after it slipped by 0.26 percent.
Volume reached 1.36 billion shares amounting to PHP7.07 billion.
Advancers led decliners at 96 to 86 while 58 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said local equities “inched up slightly as investors mull over the upcoming economic data here at home.”
“In the US, equities struggled to rebound following a losing month and bond yields resume(d) to advance,” he said.
Prices of oil rose “as signs of ample supply, including growing US crude inventories, offset growing hopes for higher demand after a jump in manufacturing in China.”
He said Brent crude prices went up by 1 percent to USD 84.31 per barrel and West Texas Intermediate (WTI) by 0.8 percent to USD77.69 per barrel.
Meanwhile, the peso ended the day sideways against the US dollar at 55.01 from day-ago’s 54.98.
It opened the day at 54.86, way better than its 55.3 start in the previous session.
It traded between 55.16 and 54.825, resulting in an average of 54.984.
Volume rose to USD1.28 billion from the previous session’s USD1.03 billion.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the peso’s correction partly to Bangko Sentral ng Pilipinas’ (BSP) statement regarding its readiness to use available policy tools to help stabilize the elevated inflation rate.
Other factors expected to have contributed to the peso-US dollar trading during the day include the improvement of the PSEi, the upward correction of the greenback following continued hawkish statements from Federal Reserve officials and softer US construction spending.
The currency pair is expected to trade between 54.90-55.10 on Friday. (PNA)
