PSEi up, peso improves vs. US dollar

By Joann Villanueva

October 12, 2023, 8:26 pm

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

(PNA graphics)

PSEi up, peso improves vs. US dollar

MANILA – The local bourse’s main index gained on Thursday ahead of the release of the United States’ September 2023 inflation rate and the peso gained a tad against the greenback.

The Philippine Stock Exchange index (PSEi) rose by 0.15 percent to 6,263.06 points.

On the other hand, All Shares index was little changed after it slipped by 0.03 percent to 3,383.41 points.

Most of the sectoral gauges finished on the red, led by the Services after it declined by 0.19 percent.

It was trailed by the Mining and Oil, 0.17 percent; Industrial, 0.15 percent; and Financials, 0.09 percent.

On the other hand, Property index rose by 0.80 percent and Holding Firms by 0.27 percent.

Volume reached 886.88 million shares amounting to PHP3.21 billion.

Advancers led decliners at 89 to 86 while 49 shares were unchanged.

Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said traders stayed at the sidelines ahead of the release of US’ key inflation data later in the day.

He explained that economists surveyed by Dow Jones forecast a month-on-month acceleration last September and an annual increase of 3.6 percent, slower than the 3.7 percent last August.

“Investors believe that the strength of inflation indicated in the report will play a key part in whether the Fed (Federal Reserve) decides to maintain or raise interest rates at its two-day meeting beginning Oct. 31,” he said.

Relatively, the peso closed the day at 56.66 against the US dollar, better than its 56.755 close a day ago.

It opened the day at 56.7, sideways from its 56.75 start in the previous session.

It traded between 56.66 and 56.8, resulting to an average of 56.743.

Volume rose to USD1.25 billion from day-ago’s USD1.19 billion. (PNA)