MIXED. The Philippine Stock Exchange index (PSEi) shed on Friday (May 12, 2023) as investors wait for the results of the MSCI rebalancing. However, the peso finished sideways against the US dollar due in part to the weakening of the gauge of the US dollar against other major currencies. (PNA file photo)
MANILA – The local bourse’s main index ended its rally on Friday ahead of the MSCI rebalancing while the peso ended sideways against the US dollar.
The Philippine Stock Exchange index (PSEi) shed 1.46 percent, or 97.31 points, to 6,578.15 points.
All the other counters also ended on the red, with the All Shares down by 1.14 percent, or 40.53 points to 3,510.95 points.
Property registered the biggest drop at 2.04 percent and was trailed by the Holding Firms, 1.27 percent; Industrial, 1.24 percent; Financials, 1.20 percent; Services, 0.93 percent; and Mining and Oil, 0.57 percent.
Volume reached 610.93 million shares amounting to PHP5.51 billion.
Decliners led advancers at 105 to 62 while 54 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, attributed the reversal in the PSEi’s path to investors’ wait-and-see stance for the MSCI rebalancing.
He, on the other hand, said oil prices in the international market slipped, with the Brent crude down by 1.87 percent to USD74.98 per barrel and the West Texas Intermediate (WTI) by 2.32 percent to USD70.88 per barrel.
On the other hand, the local currency kept its footing against the US dollar and finished the week at 55.79 from 55.75 a day ago.
It opened the day at 55.86 and traded between 55.65 and 56.02. Average level for the day stood at 55.876.
Volume rose to USD1.49 billion from day-ago’s USD1.3 billion.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the peso’s performance partly to the upward correction of the US dollar gauge’s against other major currencies and the softer US producer price index and jobless claims.
He eyes the peso to trade between 55.50-55.90 next week, with the range for Monday eyed between 55.70-55.90. (PNA)
