MANILA — In a recent statement, the Philippine Stock Exchange, Inc. (PSE), expressed strong confidence in Finance Secretary Ralph Recto’s ability to propel the country’s economic growth and enhance investor confidence.

The board of directors and management of PSE extended their congratulations to Recto on his appointment and conveyed full support and best wishes for his new role.

“We congratulate Ralph G. Recto on his appointment as secretary of the Department of Finance,” stated PSE. “We extend our full support and best wishes to Secretary Recto on his new role and look forward to working with him in introducing reforms to further develop the Philippine capital market.”

Recto, a former deputy speaker and Batangas representative, officially assumed the role of Finance chief on Friday. The PSE anticipates that his leadership will contribute to introducing necessary reforms and fostering the growth of the Philippine capital market.

This positive outlook from the PSE underscores the significance of Recto’s appointment in shaping the country’s economic landscape and boosting investor confidence.

(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 – The local stock market and currency both exhibited strength on the first day of trading this week.

The Philippine Stock Exchange index (PSEi) surged back above the 6,000-point threshold following a three-day rally, posting an 88.76-point increase on Monday, bringing the index to 6,078.03. All Shares also saw an uptick of 29.10 points, settling at 3,292.15.

Except for the Industrial sector, which experienced a slight dip of 2.50 points, all sectoral indices concluded the day in positive territory. The Holding Firms sector saw the most significant gains, with shares rising by 126.43 points.

Claire Alviar, the assistant research manager at Philstocks Financial, Inc., attributed the strong PSEi performance to “the robust Philippine manufacturing PMI (purchasing managers’ index) data and a decrease in US long-term Treasury yields.” Alviar also mentioned, “Upcoming economic data releases, including the expected improvements in the inflation rate and GDP (gross domestic product) growth rate, further bolstered market confidence.”

The total market value turnover on the local stock market reached PHP3.21 billion.

Advancing stocks slightly outnumbered decliners, with 87 to 86, while 51 issues remained unchanged.

Robust start for the peso

On the currency front, the peso had a robust start to the week, closing at 55.91 against the US dollar, marking a 0.19 improvement from the previous week’s closing rate of 56.10.

The peso began the day at 55.80, a notable gain from Friday’s opening rate of 56.60. Throughout the day, the currency pair traded within the range of 55.73 to 55.93, with an average rate of 55.83 to the dollar.

Trade volume saw a decline to USD1.15 billion, down from Friday’s USD1.84 billion.

(ai/mnm)

The Philippine Stock Exchange index (PSEi) experienced a continued decline for two consecutive days, closing at 5,961.99, a 0.94 percent decrease. The broader All Shares index also saw a 0.60-point drop, settling at 3,246.47.

Regina Capital Development Corp.’s Head of Sales, Luis Limlingan, explained, “Philippine shares ended the week below 6,000 as investors analyzed a multitude of local corporate earnings reports.”

Investor sentiment on Friday was influenced by the off-cycle interest rate hike by the Bangko Sentral ng Pilipinas, contributing to the overall decline. All sectors ended in negative territory, with the Property sector experiencing the most significant drop at 1.72 percent.

Declining stocks outnumbered advancing ones, with a ratio of 93 to 78, while 53 remained unchanged.

In contrast, the Philippine peso remained stable at 56.96 against the US dollar. It began the day at 56.98, following the previous day’s opening rate of 56.95. Throughout the day, the currency pair traded between 56.85 and 56.98, with an average rate of 56.90 against the US dollar.

Trading volume continued to rise, reaching USD 1.65 billion on Friday, compared to the previous day’s volume of USD 1.08 billion.

(ai/mnm)