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