SHORTENED TRADING WEEK. Philippine shares rose on Monday (April 3, 2023) despite the shortened trading week amid the Holy Week holidays. On the other hand, the peso depreciated against the US dollar partly on higher global oil prices. (PNA graphics)

MANILA – The local bourse’s main index rose on Monday ahead of the Holy Week holidays but the peso weakened against the United States dollar.

The Philippine Stock Exchange index (PSEi) rose by 0.47 percent, or 30.31 points, to 6,529.99 points.

All Shares followed with a jump of 0.14 percent, or 5.06 points to 3,498.43 points.

However, most of the sectoral indices ended in the negative territory, with Services down by 1.61 percent; Mining and Oil, 0.86 percent; Industrial, 0.78 percent; and Financials, 0.21 percent.

On the other hand, Holding Firms rose by 1.79 percent and Property by 1.26 percent.

Volume reached 1.77 billion shares amounting to PHP4.08 billion.

Decliners led advancers at 94 to 88 while 56 shares were unchanged.

“Sentiments got a boost from the US as stocks rose overall for the quarter even with more Federal Reserve rate tightening and a mini-financial panic spurred on by the collapse of Silicon Valley Bank,” said Luis Limlingan, Regina Capital Development Corporation head of sales.

He said oil prices increased “as supplies tightened in some parts of the world and US inflation data indicated price rises were slowing.”

Brent crude oil futures rose by 1.6 percent to USD79.89 per barrel and the West Texas Intermediate (WTI) by 1.8 percent to USD75.67 per barrel.

Meanwhile, the peso depreciated to 54.73 from 54.36 last Friday.

It opened the shortened trading week at 54.4 and traded between 54.77 and 54.4. The average level for the day stood at 54.591.

Volume reached USD1.2 billion, higher than the USD942.6 million.

Rizal Commercial Banking Corporation chief economist Michael Ricafort traced the peso’s weakness partly to the correction in global oil prices and the recovery of the US dollar, which were countered by the seasonal increase in overseas Filipino workers’ remittances during the Holy Week.

He forecasts the peso to trade between 54.60 and 54.80 to a US dollar on Tuesday. (PNA)