Peso strengthens, PSEi tracks US shares’ rise

By Joann Villanueva

June 7, 2023, 8:53 pm

<p><em>PNA graphics </em></p>

PNA graphics 

MANILA – The positive close of the United States equity indices benefited the Philippine Stock Exchange index (PSEi) after it rose on Wednesday while the peso gained and even rose to 55-level mid-trade.

The PSEi gained 1.31 percent, or 84.77 points, to 6,564.70 points.

All Shares followed with a rise of 0.75 percent, or 26.18 points, to 3,495.65 points.

All sectoral indices also gained during the day, led by Holding Firms after it jumped by 1.82 percent.

It was trailed by Financials, 1.02 percent; Property, 0.75 percent; Industrial, 0.67 percent; Mining and Oil,0.62 percent; and Services, 0.38 percent.

Volume reached 801.8 million shares amounting to PHP4.14 billion.

Advancers led decliners at 97 to 79 while 44 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said positive close of both the S&P500, up 0.24 percent, and the Dow Jones Industrial Index (DJIA), up 0.03 percent, party contributed to the positive performance of the local bourse’s main index.

On the local front, Limlingan said continued deceleration of inflation rate, with the May 2023 print down to 6.1 percent from 6.6 percent the previous month, also boosted sentiments.

Oil prices in the international market eased to USD76.29 per barrel for the Brent crude and to USD71.74 per barrel for the West Texas Intermediate (WTI) “as worries that sluggish global economic growth could reduce energy demand output Saudi Arabia’s pledge to deepen output cuts.”

Meanwhile, the peso gained against the US dollar and closed at 56.098 from 56.22 a day ago.

It opened the day’s trading at 56.1 and ranged between 56.18 and 55.99. The average level for the day stood at 56.07.

Volume went down to USD841.55 million from the previous session’s USD917.45 million. (PNA)