LACK OF CATALYSTS. The lack of positive catalysts to drive a market rally resulted in the negative close of the Philippine Stock Exchange index (PSEi) on Wednesday (Feb. 22, 2023). The peso tracked the main index due to geopolitical issues overseas. (PNA graphics) MANILA - The local stock barometer closed lower on Wednesday amid a lack of positive catalysts to drive a market rally while the peso trailed behind. The Philippine Stock Exchange index (PSEi) shed 1.50 percent, or 101.73 points, to 6,699.23 points. All Shares trailed after it slipped by 1.17 percent, or 42.25 points, to 3,579.36 points. All sectoral gauges finished the day in the negative territory, led by Property which went down by 1.84 percent. It was followed by Financials. 1.76 percent; Industrial, 1.28 percent; Mining and Oil, 1.20 percent; Holding Firms, 1.16 percent; and Services, 1.10 percent. Volume reached 1.34 billion shares amounting to PHP4.93 billion. Decliners led advancers at 134 to 45, while 43 shares were unchanged. Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said investors' sentiment are dampened by "lack of positive catalyst that could prompt the market upwards", thus the drop below 6,700-level. "In the US, the major exchanges dropped as well as higher rates continued to pressure the market sentiment, and the recent retail earnings raised concern about the status of the consumers," he said. He added oil prices went down "as persistent concerns about global economic growth outweighed supply curbs and propelled investors to take profits on the prior day's gains." Meanwhile, the local currency ended the day at 55.18 from the previous day's 55.085. It opened the day at 55.07, weaker than its 54.94 start in the previous session. The local currency traded between 55.24 and 55.05, resulting in an average of 55.133. Volume reached a little over USD1 billion, lower than the previous day's USD1.03 billion. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the peso's weakness partly to the US-China conflict, the US-Russia issues following Russian President Vladimir Putin's statement that he will suspend the observation of the New Strategic Arms Reduction Treasury (New START) nuclear weapons treaty with the US and expectations for more hikes in the Federal Reserve's key rates. Ricafort said these factors are countered by the Philippine Senate's approval on third and final reading of a resolution that concurs to the ratification of the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, among others. For Thursday, the currency pair is expected to trade between 55.10 to 55.30 to a US dollar. (PNA) }
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Rizal , San Carlos , Negros Occidental , Philippines , Manila , Philippine , Benguet , Russia , Russian , Michael Ricafort , Vladimir Putin , Luis Limlingan , Rizal Commercial Banking Corporation , Holding Firms , Regina Capital Development Corporation , Federal Reserve , Philippine Senate , Regional Comprehensive Economic Partnership , Philippine Stock Exchange , Commercial Banking Corporation , Russian President Vladimir Putin , New Strategic Arms Reduction Treasury , Lack Of Catalysts The Positive To Drivea Market Rally Resulted In Negative Close Philippine Stock Exchange Index Psei On Wednesday Feb 22 , 023 The Peso Tracked Main Index Due To Geopolitical Issues Overseas Pna Graphics Manila Local Stock Barometer Closed Lower On Wednesday Amida Lack Of Positive Catalysts Drivea Market Rally While Trailed Behind Philippine Exchange Psei Shed 1 50 Percent , R 101 73 Points , Go 6 , 699 23 Points All Shares Trailed After It Slipped By 1 17 Percent , R 42 25 Points , O 3 , 579 36 Points All Sectoral Gauges Finished The Day In Negative Territory , Ed By Property Which Went Down 1 84 Percent It Was Followed Financials 76 Industrial , 28 Percent Mining And Oil , 20 Percent Holding Firms , 16 Percent And Services , 10 Percent Volume Reached 1 34 Billion Shares Amounting To Php4 93 Decliners Led Advancers At 134 45 , Hile 43 Shares Were Unchanged Luis Limlingan , Egina Capital Development Corporation Rcdc Head Of Sales , Aid Investors 39 Sentiment Are Dampened By Quot Lack Of Positive Catalyst That Could Prompt The Market Upwards , Hus The Drop Below 6 , 700 Level Quot In The Us , He Major Exchanges Dropped As Well Higher Rates Continued To Pressure The Market Sentiment , Nd The Recent Retail Earnings Raised Concern About Status Of Consumers , Uot He Said Added Oil Prices Went Down Quot As Persistent Concerns About Global Economic Growth Outweighed Supply Curbs And Propelled Investors To Take Profits On The Prior Day 39s Gains Meanwhile , He Local Currency Ended The Day At 55 18 From Previous 39s 085 It Opened 07 , Eaker Than Its 54 94 Start In The Previous Session Local Currency Traded Between 55 24 And 05 , Esulting In An Average Of 55 133 Volume Reacheda Little Over Usd1 Billion , Ower Than The Previous Day 39s Usd1 03 Billion Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort Traced Peso Weakness Partly To Us China Conflict , He Us Russia Issues Following Russian President Vladimir Putin 39s Statement That Will Suspend The Observation Of New Strategic Arms Reduction Treasury Start Nuclear Weapons Treaty With And Expectations For More Hikes In Federal Reserve Key Rates Ricafort Said These Factors Are Countered By Philippine Senate Approval On Third Final Reading Ofa Resolution Concurs To Ratification Regional Comprehensive Economic Partnership Rcep , He World 39s Largest Free Trade Agreement , Mong Others For Thursday , He Currency Pair Is Expected To Trade Between 55 10 30 Toa Us Dollar Pna ,
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