MANILA – The local stock market concluded the last trading day of the week in negative territory due to net foreign selling, while the peso closed nearly unchanged.
The Philippine Stock Exchange index (PSEi) plunged by 186.08 points to 6,158.48. Similarly, the broader All Shares also declined by 65.11 points to 3,375.20.
“The local bourse dropped by 186.08 points (2.93%) to reach 6,158.48 due to significant net foreign selling and recorded a net outflow of P1.34 billion,” said Claire Alviar, research associate at Philstock Financials, Inc., adding that this marks its lowest level this year and its eighth consecutive day of decline. Additionally, she noted that the weakness of the peso against the US dollar continued to impact sentiment.
“Negative sentiment from our regional peers also affected market performance after Japan’s May core inflation data came in slightly cooler than expected,” Alviar added.
All sectors declined with Mining and Oil leading with a fall of 345.18 points.
Decliners outnumbered advancers at a ratio of 108 to 74 while there were no changes in share prices for about52 shares.
Meanwhile,the peso closed almost flat at58.8to adollar on Friday comparedtothe previous closing figureof58..78on Thursday.The last time it reached this level was on Nov3It openedat58..83and traded between58..78and58..88.The weighted average forthe day was recorded at58..835.Total trade volume decreasedto USD8079from USD12billiontheprevious day.
(el Amigo/Source:PNA)
MANILA — The Philippine Stock Exchange index (PSEi) continued its decline for the sixth straight trading day, closing 0.04% lower at 6,366.03, hitting a six-month low since December 2023. The peso also weakened to 58.76 against the US dollar, from 58.62 the previous day.
According to RCBC chief economist Michael Ricafort, factors such as rising global oil prices, tensions with China, local political instability, and a less optimistic outlook on rate cuts contributed to the bearish sentiment.
Despite the PSEi’s overall decline, most sectors, including Services and Holding Firms, saw gains. The All Shares index fell slightly by 0.06% to 3,438.46. In the currency market, trading volume increased to USD 930 million from USD 858.53 million on Tuesday.
(el Amigo/PNA)
MANILA — The peso appreciated against the dollar, closing at 58.68 from its previous 58.79, with total volume rising to USD1.05 billion.
Meanwhile, the benchmark Philippine Stock Exchange index (PSEi) dropped by 48.57 points to close at 6,410.07 due to investor response to IMF’s revised growth forecast and slower-than-expected Q1 GDP data for 2024.
There was a foreign outflow of P742.96 million as foreigners acted as net sellers during Tuesday’s session and investors remained cautious ahead of a local holiday.
All sectors showed losses; Services experienced the greatest drop at 1.79%, followed by Mining and Property which declined by 1.44% and 1.02% respectively.
In total, losers surpassed gainers with a count of 99 to81 across all sectors on Tuesday’s trading day in the Philippines financial market.
(el Amigo/MNM)
MANILA – The Philippine Stock Exchange index (PSEi) and the Philippine peso both weakened on Monday (10 June 2024), impacted by stronger-than-expected employment data from the United States. This positive U.S. economic report led to increased U.S. Treasury yields and decreased the likelihood of Federal Reserve interest rate cuts later this year.
The PSEi dropped by 0.92%, closing at 6,458.64, while the broader All Shares index declined by 0.71% to 3,467.24.
All sectors finished in negative territory, with the Mining and Oil index suffering the largest decline of 1.92%. Other notable losses included:
Financials: down 1.62%
Services: down 1.18%
Property: down 1.07%
Industrial: down 0.45%
Holding Firms: down 0.10%
The trading day saw more losers than gainers, with 109 stocks declining and 58 advancing, while 66 remained unchanged.
Influence of a Weaker Peso
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort noted that the weakening of the Philippine peso also played a role in the day’s stock market performance.
The peso closed at 58.79 to the U.S. dollar, down from 58.52 at the end of last week, a decrease of 0.27. This exchange rate is the lowest the peso has been in the last 19 months, dating back to November 3, 2022.
Ricafort added, “Looking ahead, the U.S. dollar-Philippine peso exchange rate will likely continue to be influenced by interventions, as has been the trend over the past 1.5 years.”
The exchange rate fluctuated between 58.67 and 58.80 during the day, with an average rate of 58.77 against the U.S. dollar.
Trading volume also saw a significant drop, falling to USD 604.85 million from USD 1.23 billion last Friday.
(el Amigo/Source:PNA)
MANILA – The local stock market ended Friday with minimal changes, while the peso appreciated against the dollar.
The Philippine Stock Exchange index (PSEi) inched up by 8.90 points to close at 6,518.76.
Meanwhile, the broader All Shares index increased slightly by 2.14 points, ending the day at 3,491.93.
“Philippine equities remained relatively stable, reflecting the subdued movement in the US market,” noted Luis Limlingan, Head of Sales at Regina Capital Development Corp.
“US investors are waiting for the May jobs report, hoping that signs of a cooling labor market might encourage the Federal Reserve to consider interest rate cuts. As for the Philippines, the next significant economic data release is the Foreign Direct Investment (FDI) report, which is scheduled for Thursday, June 13,” Limlingan added.
Almost all sectors closed higher, except Holding Firms.
Decliners narrowly outnumbered advancers at 90 to 88, while 63 stocks remained unchanged.
The peso closed at 58.52 to the dollar on Friday, strengthening from Thursday’s close of 58.611.
The currency opened at 58.555 and traded within a range of 58.49 to 58.59, leading to a weighted average of 58.539.
Trading volume declined to USD 1.2 billion, down from USD 1.3 billion the previous day.
(el Amigo/mnm)
MANILA – With May inflation remaining within the government’s target range of 2 to 4 percent, the local stock market gained strength mid-week, while the peso continued its decline.
The benchmark Philippine Stock Exchange index (PSEi) closed higher, rising by 0.86 percent to reach 6,441.32 points.
The All Shares index also finished in positive territory, gaining 0.43 percent to close at 3,453.69.
However, the mining, oil, and industrial sectors saw declines, dropping by 0.57 percent and 0.05 percent, respectively.
The top performer of the day was the Holding Firms sector, which increased by 1.78 percent. Other indices that ended in the green included Property (+0.92 percent), Services (+0.41 percent), and Financials (+0.34 percent).
Mikhail Plopenio, research and engagement officer at Philstock Financials, Inc., noted that investors reacted positively to the latest inflation data, which showed a rate of 3.9 percent in May 2024. This was a slight increase from 3.8 percent in April but significantly lower than the 6.1 percent rate recorded in May 2023.
“The Bangko Sentral ng Pilipinas (BSP) statement regarding the potential for cutting policy rates ahead of the Federal Reserve has raised hopes for rate cuts, contributing to the positive sentiment,” Plopenio added.
Luis Limlingan, head of sales at Regina Capital Development Corp., mentioned that the local bourse mirrored movements in US equities.
On Wednesday, there were more winners than losers, with 103 stocks advancing and 82 declining, while 46 remained unchanged.
Meanwhile, the Philippine peso continued to weaken, closing at 58.78 to the US dollar, down from Tuesday’s close of 58.71.
Peso weakens
The peso started the day weaker at 58.80, compared to the previous day’s opening of 58.62 to the dollar.
The currency pair traded within a range of 58.65 to 58.80, with the weighted average for the day settling at 58.73 to the greenback.
Trade volume remained flat on Wednesday at USD1.32 billion, the same level as the previous day.
(El Amigo/With reports from PNA)
MANILA — The peso fell to a near two-year low of P58.27 against the dollar on Tuesday (21 May 2024), attributed to delays in interest rate hikes and ongoing geopolitical concerns.
The last instance the peso breached the P58 level was on November 8, 2022, closing at 58.275 against the greenback.
According to data from the Bankers Association of the Philippines (BAP), the peso dropped by 38 centavos from its previous value of P57.9.
The trading day opened with the peso at P57.97:$1, fluctuating between P57.97 and P58.28.
Trading volume reached P1.620 billion, surpassing the P1.206 billion recorded in the previous session.
(By el Amigo/MNM)
MANILA – Philippine shares closed the week in negative territory due to last-minute profit-taking, while the peso also depreciated on Friday (17 May 2024).
The Philippine Stocks Exchange index (PSEi) dropped by 9.51 points, ending at 6,618.69. The broader All Shares index experienced a slight decline of 0.37 points, closing at 3,524.15.
“The local bourse fell by 9.51 points (0.14%) to 6,618.69 due to last-minute profit-taking. The market had mostly traded in positive territory during the session, buoyed by the Bangko Sentral ng Pilipinas’ (BSP) indication that it might cut interest rates as early as August,” said Claire Alviar, assistant research manager at Philstocks Financial, Inc.
“However, negative cues from international markets dampened sentiment, leading investors to sell shares at the last minute,” Alviar added.
Sector indices showed mixed results, with the Services sector posting the largest loss, declining by 1.60 percent. Conversely, the Property sector led the gainers, rising by 1.39 percent.
Advancers outnumbered decliners, 93 to 91, with 67 shares remaining unchanged.
The peso weakened, closing at 57.62 against the US dollar, down from Thursday’s finish of 57.46. It opened at 57.53 and fluctuated between 57.53 and 57.75 throughout the day. The weighted average for the day was 57.643.
The total volume of trade slightly decreased to USD 1.75 billion from USD 1.76 billion on Thursday.
(el Amigo/MNM)
MANILA — The stock market and the peso concluded the week with losses, as investor sentiment soured amidst escalating geopolitical tensions in the Middle East.
On Friday, the local stock market witnessed a decline, with the main index dropping by 80.19 points (1.23 percent) to 6,443.00. This downturn was attributed to the heightened tensions in the Middle East following Israel’s attack on Iran, according to Claire Alviar, assistant research manager at Philstock Financials, Inc. Alviar noted that this negative sentiment led investors to offload shares ahead of the weekend to mitigate uncertainties.
The broader All Shares index also experienced a decline, shedding 34.77 points, or 1.01 percent, to 3,421.55. Despite this overall downturn, the Mining and Oil sector managed to buck the trend, closing in the green with a gain of 1.15 percent to 8,222.62. However, the rest of the sectoral indices ended in negative territory, with the Property sector registering the steepest drop of 2.55 percent to 2,418.23.
Alviar highlighted that among the index members, only five stocks posted gains during the session. Emperador, Inc. recorded the highest increase, up by 1.61 percent, while DMCI Holdings, Inc. experienced the most significant decline, plummeting by 8.2 percent following its ex-dividend date. Losers outnumbered gainers at 134 to 58, with 43 firms remaining unchanged. The net market value turnover on Friday amounted to PHP4.83 billion.
Meanwhile, the Philippine peso depreciated further on Friday, weakening by 0.46 to 57.65 against the US dollar compared to the previous day’s close of 57.19. It opened the day at 57.35, slightly weaker than Thursday’s start of 57.15. Throughout the day, the currency pair traded between 57.32 and 56.67, averaging at 57.54 to the greenback. Trade volume rebounded on Friday, reaching USD1.85 billion, up from the previous day’s volume of USD1.8 billion.
(Source: PNA)
MANILA — At exactly 6:10 p.m. on Thursday (18 Jan 2024), local shares concluded the trading day with a weak performance, as the Philippine Stock Exchange index (PSEi) lost 61.64 points, closing at 6,510.87. The All Shares index also dropped by 25.45 points, settling at 3,451.21.
Mikhail Plopenio, the research and engagement officer at Philstocks Financial, Inc., remarked, “This Thursday, the local market dropped by 61.64 points (0.94 percent) to 6,510.87 as investors seemed to have weighed negative factors offshore.”
He attributed the decline to Wall Street losses, influenced by rising US long-term treasury yields and stronger-than-expected US retail sales data, which dampened hopes for a near-term rate cut by the Federal Reserve.
All sectors closed in the red, with Mining and Oil leading the decline, shedding 157.72 points. Decliners outnumbered advancers, with 112 to 66, while 51 shares remained unchanged.
In the foreign exchange market, the peso remained stable, closing at 55.84 against the US dollar, compared to Wednesday’s finish at 55.93. The currency opened the day at 55.87, trading within the range of 55.76 and 55.90, with a weighted average of 55.82.
The total trade volume decreased to USD1.43 billion from the previous day’s USD1.73 billion.
(By el Amigo/MNM)
MANILA — The Philippine Stock Exchange index (PSEi) experienced minimal movement, slipping by 0.01 percent or 0.52 points to settle at 6,520.75 points on Wednesday (20 Dec 2023).
In contrast, the broader All Shares index edged up by 1.70 points, reaching 3,434.41.
Philstocks Financial, Inc.’s Assistant Research Manager, Claire Alviar, noted that the marginal decline in the local bourse was influenced by investors capitalizing on recent market gains, while actively seeking new catalysts to propel the market upwards.
Sector performances displayed a mixed picture, with gainers led by Mining and Oil, followed by Holding Firms and Services. Conversely, Industrial, Financials, and Property sectors found themselves in negative territory.
Despite the overall market dip, foreign investors remained net buyers, contributing to a net inflow of PHP166.8 million, and a robust net market value turnover of PHP5.3 billion.
Advancers outnumbered decliners, with 96 gaining against 89 declining, while shares of 42 firms remained unchanged.
In the currency market, the Philippine peso exhibited strength, rebounding by 0.20 to close at 55.75 against the US dollar, compared to the previous day’s finish at 55.95. The peso opened slightly weaker at 55.85 but traded within the range of 55.73 to 55.90, with an average level of 55.81 throughout the day.
Trade volume witnessed an increase, totaling USD1.59 billion compared to the previous day’s volume of USD1.3 billion.
(IAmigo/MNM)
MANILA — In a two-day streak, the local bourse experienced a decline attributed to profit-taking, while the domestic currency closed the month on a weaker note.
The Philippine Stock Exchange index (PSEi) concluded November’s trading, dipping by 40.26 points to 6,224.88, with All Shares also registering a decline of 15.24 points to 3,324.44.
All sectoral indices closed in negative territory, with the Mining and Oil sector leading the losses by shedding 96.60 points, closing at 9,644.56.
Mikhail Plopenio, Research and Engagement Officer at Philstocks Financial Inc. noted that all counters traded in the red throughout the day.
Profit-taking was a significant factor, and concerns regarding China’s economy, a major trading partner for the Philippines, further impacted investor sentiment.
Plopenio explained, “This follows China’s November official manufacturing PMI, which stood at 49.4, indicating a contraction, and its non-manufacturing PMI registered 50.2, declining from the prior month’s 50.6.”
Despite the challenges, market participation in the local stock market saw improvement, with a net value turnover of PHP 7.81 billion, surpassing the year-to-date average of PHP 4.91 billion.
However, net foreign selling stood at PHP 320.30 million, contributing to the day’s overall index performance.
Simultaneously, the peso closed weaker by 0.10 at 55.49 against the US dollar on Thursday, compared to 55.39 the previous day.
The day commenced with a weaker opening at 55.45, rising from the last day’s start at 55.29 against the dollar.
The peso traded between 55.37 and 55.51, averaging 55.45 against the greenback for the day.
The volume of trade reached USD 1.27 billion, surpassing Wednesday’s volume of USD 1.1 billion.
(AI/MNM)
MANILA — The local stock market mirrored the downward trend observed in most Asian indices at the close of this week’s trading session. Despite the red territory in Asian markets, the Philippine peso maintained a sideways movement, hovering around the 55 level.
The Philippine Stock Exchange index (PSEi) experienced a decline of 26.33 points, settling at 6,161.89, while the All Shares index also saw a decrease of 12.52 points, closing at 3,316.86.
Regina Capital Development Corp.’s Head of Sales, Luis Limlingan, noted that Philippine shares succumbed to profit-taking following Federal Reserve Chair Jerome Powell’s statement expressing the central bank’s lack of confidence in its efforts to combat inflation. Limlingan further mentioned that bond yields rose as stocks fell in response to Powell’s remarks.
Most sectoral indices witnessed declines, except for the Services sector, which saw a slight increase of 6.45 points, reaching 1,496.
The largest declines were recorded in the Mining and Oil sector, down by 52.93 points to 9,693.13, followed by the Industrial sector, down by 36.97 points to 8,642.72. The Property sector decreased by 34.97 points to 2,628.11, Holding Firms dropped by 15.73 points to 5,878, and Financials were down by 8.86 points to 1,764.39.
Meanwhile, the Philippine peso concluded the week with a stable performance, closing at 55.96 against the US dollar, a marginal decrease of 0.07 from the previous day’s closing rate of 55.89. The day started with an opening rate of 56.03, compared to Thursday’s kickoff at 55.92.
The currency pair fluctuated between a low of 55.92 and a high of 56.03, resulting in an average exchange rate of 55.96 for the day. Trade volume decreased to USD 951.7 million from USD 1.33 billion on Thursday.
(ai/mnm)
The Philippine peso weakened, and the PSEi (Philippine Stock Exchange Index) experienced a decline on Thursday, influenced by factors such as Wall Street’s drop and rising tension in the Middle East.
On this particular Thursday, the local stock market recorded a decrease of 49.11 points (0.78 percent), closing at 6,219.16. Investors were primarily reacting to negative signals from Wall Street, driven by the continuous increase in long-term US treasury yields, as explained by Mikhail Plopenio, research and engagement officer at Philstocks Financial, Inc.
Adding to the concerns was the International Monetary Fund’s projection that inflation would not fall within the government’s target range of 2 to 4 percent by the end of the year, according to Plopenio. The All Shares index also fell by 19.61 points, closing at 3,365.79.
With the exception of the Property sector, which gained 3.81 points, nearly all sectors in the index saw declines. Decliners outnumbered advancers at 117 to 50, while 53 shares remained unchanged. Plopenio also noted that the ongoing Middle East tensions had a dampening effect on market sentiment.
In the currency market, the Philippine peso closed at 56.87 against the US dollar on Thursday, a drop from the previous day’s closing rate of 56.7. The peso began the day at 56.87, trading within the range of 56.83 to 56.9 against the greenback. The trading volume increased to USD 990.3 million, up from the previous day’s USD 877.55 million. (ai/mnm)
Infographic courtesy of PNA