MIXED. Wait-and-see stance on how United States equities will fare this week after a strong performance last week resulted in the flat close of the local bourse's main index on Tuesday (June 20, 2023). However, the peso gained anew against the US dollar. (PNA graphics)
MANILA – The Philippine Stock Exchange index (PSEi) ended almost flat on Tuesday ahead of the reopening of United States (US) financial market trading for the week but the peso gained against the greenback.
The main equities index shed 0.02 percent, or 1.44 points, to 6,448.90 points.
All Shares also slid by 0.05 percent, or 1.7 points, to 3,439.54 points.
However, most of the sectoral gauges rose during the day, led by Services, 0.93 percent; Mining and Oil, 0.78 percent; Holding Firms, 0.36 percent; and Industrial, 0.11 percent.
On the other hand, Property slipped by 1.20 percent and Financials, 0.30 percent.
Volume reached 715.78 million shares amounting to PHP4.75 billion.
Advancers led decliners at 92 to 81 while 47 shares were unchanged.
“Philippine shares traded flat before the US reopened as investors are trying to gauge how last week’s strong market sentiment will hold up in a shortened trading week that is light on economic data,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.
There was no trading in the US on Monday due to the Juneteenth holiday commemorating the emancipation of enslaved African Americans.
Meanwhile, the peso gained against the US dollar for the third consecutive trading day and closed at its best in more than 1.5 months to 55.52 from Monday’s 55.74.
Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced this partly to the downward correction of the US dollar.
The local currency opened the day at 55.75 and traded between 55.84 and 55.52. The average level for the day stood at 55.73.
Volume increased to USD1.21 billion from USD1.11 billion the previous day.
Ricafort said the increase in remittances being sent by overseas Filipino workers, along with the downward correction of global oil prices, also lifted the peso.
For Wednesday, the peso is forecast to trade between 55.45 and 55.65 against the US dollar. (PNA)
