UP. The local bourse's main index recovered on Wednesday (March 1, 2023) despite the decline of its United States counterparts, ending days of slide caused by concerns on inflation and the path of Federal Reserve tightening moves. The peso rose anew against the US dollar due in part to the PSEi's rise and the better-than-expected budget gap of the government for 2022. (PNA graphics) MANILA - The local bourse recovered on Wednesday despite the negative close of United States equities while the peso sustained its gain against the US dollar. After several days of decline, the Philippine Stock Exchange index (PSEi) rose by 0.78 percent, or 50.93 points, to 6,607.13 points. All Shares followed with a rise of 0.35 percent, or 12.19 points, to 3,539.36 points. Most of the sectoral gauges also increased during the day, led by Holding Firms after it inched up by 2.45 percent. It was trailed by Property, 1.25 percent; Mining and Oil, 0.39 percent; and Services, 0.07 percent. On the other hand, Industrial declined by 1.13 percent and Financials by 0.61 percent. Volume reached 715.8 million shares amounting to PHP7 billion. Decliners led advancers at 100 to 92 while 44 shares were unchanged. Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said PSEi regained its footing after several days of slide despite the negative close of its US counterparts. "Investors seem to be optimistic regarding the better-than-expected releases of corporate earnings," he said. However, Limlingan said "uncertainty remains as February inflation could be at the range between 8.5-9.3 percent", referring to the projection of the Bangko Sentral ng Pilipinas (BSP). The projected range for domestic inflation rate in February this year is mostly higher than the 8.7 percent level last January, which is a fresh 14-year high. Limlingan cited the rise in oil futures by around 2 percent "amid the speculation of strong economic rebound in China which offset worries about the US interest rate hikes." Meanwhile, the local currency gained against the US dollar after closing the day at 54.98 from day-ago's 55.33. It opened the day at 55.3, little change from its 55.35 start on Tuesday. The local currency traded between 55.3 and 54.97, resulting in an average of 55.077. Volume reached USD1.03 billion, lower than the previous session's USD1.2 billion. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the peso's improvement for the second consecutive day partly to local monetary authorities' assurance that they are ready to tap its policy toolkit to help stabilize domestic inflation rate, which is expected to remain elevated in most of 2023. Other factors that supported the peso include the lower-than-expected budget gap of the government in 2022, positive growth outlook for the business process outsourcing (BPO) sector, improvement of the PSEi and the weakening of the US dollar against major currencies, among others. The government on Tuesday reported the rise of budget deficit for December 2022 to PHP378.4 billion against year-ago's PHP338 billion and month-ago's PHP123.9 billion. However, the full-year budget gap reached PHP56 billion, lower than the PHP1.67 trillion in 2021. For Thursday, Ricafort sees the peso to trade between 54.90-55.10 against the greenback. (PNA) }
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China , Rizal , San Carlos , Negros Occidental , Philippines , Manila , Philippine , Benguet , United States , Michael Ricafort , Bangko Sentral , Luis Limlingan , Rizal Commercial Banking Corporation , Holding Firms , Regina Capital Development Corporation , Philippine Stock Exchange , Commercial Banking Corporation , Up The Local Bourse 39s Main Index Recovered On Wednesday March 1 , 023 Despite The Decline Of Its United States Counterparts , Nding Days Of Slide Caused By Concerns On Inflation And The Path Federal Reserve Tightening Moves Peso Rose Anew Against Us Dollar Due In Part To Psei 39s Rise Better Than Expected Budget Gap Government For 2022 Pna Graphics Manila Local Bourse Recovered Wednesday Despite Negative Close United States Equities While Sustained Its Gain After Several Decline , He Philippine Stock Exchange Index Psei Rose By 0 78 Percent , R 50 93 Points , Go 6 , 607 13 Points All Shares Followed Witha Rise Of 0 35 Percent , R 12 19 Points , O 3 , 539 36 Points Most Of The Sectoral Gauges Also Increased During Day , Ed By Holding Firms After It Inched Up 2 45 Percent Was Trailed Property , 25 Percent Mining And Oil , 39 Percent And Services , 07 Percent On The Other Hand , Ndustrial Declined By 1 13 Percent And Financials 0 61 Volume Reached 715 8 Million Shares Amounting To Php7 Billion Decliners Led Advancers At 100 92 While 44 Were Unchanged Luis Limlingan , Egina Capital Development Corporation Rcdc Head Of Sales , Aid Psei Regained Its Footing After Several Days Of Slide Despite The Negative Close Us Counterparts Quot Investors Seem To Be Optimistic Regarding Better Than Expected Releases Corporate Earnings , Uot He Said However , Imlingan Said Quot Uncertainty Remains As February Inflation Could Be At The Range Between 8 5 9 3 Percent , Eferring To The Projection Of Bangko Sentral Ng Pilipinas Bsp Projected Range For Domestic Inflation Rate In February This Year Is Mostly Higher Than 8 7 Percent Level Last January , Hich Isa Fresh 14 Year High Limlingan Cited The Rise In Oil Futures By Around 2 Percent Quot Amid Speculation Of Strong Economic Rebound China Which Offset Worries About Us Interest Rate Hikes Meanwhile , He Local Currency Gained Against The Us Dollar After Closing Day At 54 98 From Ago 39s 55 33 It Opened 3 , Ittle Change From Its 55 35 Start On Tuesday The Local Currency Traded Between 3 And 54 97 , Esulting In An Average Of 55 077 Volume Reached Usd1 03 Billion , Ower Than The Previous Session 39s Usd1 2 Billion Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort Traced Peso Improvement For Second Consecutive Day Partly To Local Monetary Authorities 39 Assurance That They Are Ready Tap Its Policy Toolkit Help Stabilize Domestic Inflation Rate , Hich Is Expected To Remain Elevated In Most Of 2023 Other Factors That Supported The Peso Include Lower Than Budget Gap Government 2022 , Ositive Growth Outlook For The Business Process Outsourcing Bpo Sector , Mprovement Of The Psei And Weakening Us Dollar Against Major Currencies , Mong Others The Government On Tuesday Reported Rise Of Budget Deficit For December 2022 To Php378 4 Billion Against Year Ago 39s Php338 And Month Php123 9 However , He Full Year Budget Gap Reached Php56 Billion , Ower Than The Php1 67 Trillion In 2021 For Thursday , Icafort Sees The Peso To Trade Between 54 90 55 10 Against Greenback Pna ,
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