PSEi up slightly, peso almost unchanged ahead of US economic data - TrueID

PSEi up slightly, peso almost unchanged ahead of US economic data

Philippine News AgencySeptember 15, 2022

RISK-OFF. Investors stayed at the sidelines ahead of some economic releases in the US, resulting in the negative close of the Philippine Stock Exchange index (PSEi) on Thursday (Sept. 15, 2022). The peso, although affected by risk-off sentiments, managed to remain afloat against the US dollar. (PNA graphics)

MANILA – Risk-off sentiments continue to dampen investors’ appetite, resulting in another negative close for the local bourses’ main index  but the peso continues to keep its footing against the US dollar.

The Philippine Stock Exchange index (PSEi) shed 0.11 percent, or 7.19 points, to 6,575.67 points.

All Shares slipped by 0.009 percent, or 0.31 points, to 3,496.90 points.

Most of the sectoral indices also finished in the negative territory namely Financials, 0.58 percent; Industrial, 0.44 percent; Holding Firms, 0.08 percent and Services, 0.03 percent.

The Property and Mining and Oil indices, meanwhile, rose by 0.70 percent and 0.12 percent, respectively.

Volume reached 662.91 million shares amounting to PHP5.48 billion.

Gainers led losers at 90 to 74, while 51 shares were unchanged.

“Philippine shares ended the session trading slightly lower as investors rebalanced ahead of a handful of economic reports scheduled to come out Thursday night and the FTSE rebalancing tomorrow,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Among the data to be released include US’ retail sales, import prices, jobless claims, the Philadelphia Fed manufacturing survey results, and the Empire State Manufacturing Survey.

Limlingan also cited the jump in oil prices “supported by expectations for fuel switching due to high prices this winter.”

He said Brent crude futures increased by 1.8 percent to USD94.78 per barrel and the West Texas Intermediate (WTI) by 2.1 percent to USD89.20 per barrel.

Meanwhile, the peso finished the day sideways at 57.16 from Wednesday’s 57.11 finish.

It opened the day at 57.1 and traded between 57.175 and 56.975. The average level for the day stood at 57.073.

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