Stocks up, peso moves sideways as Fed maintains rate

By Anna Leah Gonzales

September 21, 2023, 7:09 pm

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

(PNA graphics)

MANILA – Local shares went up on Thursday while the peso moved sideways after the Fed's announcement to maintain rates.

The Philippine Stock Exchange index (PSEi) gained 53.67 points to close at 6,094.71, while All Shares likewise rose by 22.41 points to 3,294.07.

"Philippine shares closed higher after the Fed said it would leave interest rates unchanged but expects another rate hike before the end of the year," Regina Capital Development Corp. head of sales Luis Limlingan said in a comment.

Most of the sectors gained except for Services, and Mining and Oil, which shed 0.64 points and 83.40 points, respectively.

Property, which rose by 60.56 points, was the biggest gainer on Thursday.

The total value of shares reached PHP5.9 billion.

Gainers led losers at 89 to 84, with 51 firms left unchanged.

The peso, meanwhile, closed at 56.85, down from Wednesday's 58.81.

The local currency opened the day at PHP56.90 to the dollar, from Wednesday's kick-off to 56.70.

The currency pair traded between 55.82 and 56.85, bringing the day's average at 56.90.

In a comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the US dollar-peso exchange rate was slightly higher for the second straight day, up by 0.045 to close at 56.855.

The volume of trade reached USD815.28 million, down from the USD835.5 million the previous day.

"For tomorrow, the peso exchange rate could range at the 56.75 to 56.95 levels," he said. (PNA)