Peso, stocks up after Fed, BSP maintain rates

By Anna Leah Gonzales

September 22, 2023, 6:18 pm

<p><em>(PNA graphics)</em></p>

(PNA graphics)

MANILA – The local bourse continued to bounce back, while the peso also appreciated on Friday following the Fed's decision to maintain rates.

The Philippine Stock Exchange index (PSEi) gained 48.08 points to close at 6,142.79.

All Shares likewise rose by 22.88 points to 3,316.95.

All of the sectors closed on the green led by Holding Firms which went up by 54.69 points.

"Philippine shares bounced back again as investors’ expectations aligned with that of the Fed to maintain the status quo for now, while others are left speculating how long interest rates will be kept elevated," said Regina Capital Development Corp. head of sales Luis Limlingan in a Viber message.

"Locally, bargain hunting continued as the BSP (Bangko Sentral ng Pilipinas) also kept benchmark rates steady," he added.

Advancers led decliners at 94 to 74 while 52 firms left unchanged.

Meanwhile, peso closed at 56.795 to a dollar on Friday, up from Thursday's 56.855 finish.

The currency pair opened at 56.85 while volume of trade reached USD994.31 million, up from Thursday's USD815.28 million.

The peso-dollar exchange rate went from a low of 56.765 to a high of 56.9, settling at an average of 56.83.

"For Monday, the peso exchange rate could range at the 56.70-56.90 levels," said Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort.

Ricafort said that for next week, the peso exchange rate could range at the 56.55 to 56.95 levels. (PNA)