WAIT-AND-SEE STANCE. The local stock barometer closes up even as investors are all eyes for what Federal Reserve Chair Jerome Powell will say during the Jackson Hole conference Friday night (Aug. 26, 2022, Manila time). The peso kept its footing against the US dollar after finishing the week sideways. (PNA graphics)
MANILA – The wait-and-see stance on the speech of Federal Reserve Chair Jerome Powell during the Jackson Hole conference made investors stay at the sidelines, resulting in the positive close of the main stocks index.
The Philippine Stock Exchange index (PSEi) rose by 0.69 percent, or 46.07 points, to 6,752.50 points.
All Shares followed with an increase of 0.34 percent, or 12.17 points, to 3,577.45 points.
Most of the sectoral gauges also inched up and these are Financials, 1.93 percent; Property, 0.96 percent; Holding Firms, 0.48 percent; and Industrial, 0.06 percent.
On the other hand, Mining and Oil declined by 0.73 percent and Services by 0.17 percent.
Volume reached 1.47 billion shares amounting to PHP10.56 billion.
Decliners surpassed gainers at 89 to 88, while 47 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, traced the main index’s performance to investors’ anticipation on what Powell will say during the annual economic policy symposium in Jackson Hole, Wyoming this Friday.
“Wall Street is hoping for new guidance on how the central bank will act this autumn, but expectations are lower, with many expecting Powell to reiterate the Fed’s promise to slow inflation by raising interest rates,” he said.
He said investors are also waiting for the July 2022 personal consumption expenditure (PCE) report from the US during the day.
Limlingan said oil prices went down again on Thursday “on possible Iran oil exports and rising interest rate worries.”
He said price of Brent crude oil slipped by 9.1 percent to USD99.34 per barrel and West Texas Intermediate (WTI) crude by 2.5 percent to USD92.52 per barrel.
Meanwhile, the peso finished the day sideways against the US dollar at 56.02 from 56.06 on Thursday.
It opened the day at 56.03 and traded between 56.085 and 56.995. The average level for the day stood at 56.038.
Volume reached USD804.5 million, lower than the previous session’s USD1.058 billion. (PNA)
