DOWN. The local bourse slipped Monday (Feb. 27, 2023) as it tracked US counterparts' finish last Friday and also due partly to investors' decision to stay at the sidelines ahead of some major economic reports both here and in the US. The peso weakened against the US dollar on the decline of the PSEi. (PNA file photo) MANILA - The decline in United States' equity markets last week, along with hawkish signals from Federal Reserve officials, resulted in the negative close of the local bourse's main index on Monday and the weakening of the peso. The Philippine Stock Exchange index (PSEi) shed 1.29 percent, or 86.56 points, to 6,599.34 points. All Shares followed with a drop of 1.12 percent or 39.95 points, to 3,532.25 points. Most of the sectoral gauges also finished the day lower, led by Services after it slipped by 3.46 percent. It was trailed by Mining and Oil, 3.20 percent; Property, 1.55 percent; Industrial, 1.39 percent; and Holding Firms, 0.94 percent. Only the Financials index gained during the day at after it went up by 0.27 percent. Volume reached 893.23 million shares amounting to PHP7.5 billion. Decliners led advancers at 149 to 55 while 34 shares were unchanged. Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, traced the negative close of the PSEi partly to the looming Morgan Stanley Capital International (MSCI) rebalancing and the wait-and-see stance on the release of US' durable goods orders for February 2023, manufacturing index and the speaking engagements of several Federal Reserve officials. He said oil prices ended last Friday's trading up "as prices are supported by the prospect of lower Russian exports but pressured by rising inventories in the US and concerns over global economic activity." Brent crude oil futures rose by 1.2 percent to USD83.16 per barrel and the West Texas Intermediate (WTI) by 1.2 percent to USD76.32 points. Meanwhile, the local currency depreciated and ended the day at 55.51 from last Friday's 54.87 to a US dollar. It opened the day at 55.25, weaker than 55.12 start in the previous session. It traded between 55.64 and 55.00, resulting in an average of 55.312. Volume reached USD1.33 billion, higher than the USD1.11 billion at the end of last week. Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort traced the peso's weakness to, among others, the performance of the PSEi, correction of the US dollar and the geo-political concerns between the US and China, as well as the reports about Russia suspending its observation of the New Strategic Arms Reduction Treaty (New START) with the US. Ricafort said the peso's first important support level over the past month was at 54.30 to 54.50 levels and these "protect the structural integrity of the underlying upward trend since February 3, 2023". He forecasts the peso to trade between 55.40 to 55.60 against the greenback on Tuesday. (PNA) }
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China , Rizal , San Carlos , Negros Occidental , Philippines , Manila , Philippine , Benguet , Russia , Texas , United States , Russian , Michael Ricafort , Luis Limlingan , Morgan Stanley Capital International , Rizal Commercial Banking Corporation , Holding Firms , Regina Capital Development Corporation , Federal Reserve , Philippine Stock Exchange , United State , West Texas Intermediate , Commercial Banking Corporation , New Strategic Arms Reduction Treaty , Down The Local Bourse Slipped Monday Feb 27 , 023 As It Tracked Us Counterparts 39 Finish Last Friday And Also Due Partly To Investors Decision Stay At The Sidelines Ahead Of Some Major Economic Reports Both Here In Peso Weakened Against Dollar On Decline Psei Pna File Photo Manila United States Equity Markets Week , Long With Hawkish Signals From Federal Reserve Officials , Esulted In The Negative Close Of Local Bourse 39s Main Index On Monday And Weakening Peso Philippine Stock Exchange Psei Shed 1 29 Percent , R 86 56 Points , Go 6 , 599 34 Points All Shares Followed Witha Drop Of 1 12 Percent Or 39 95 , O 3 , 532 25 Points Most Of The Sectoral Gauges Also Finished Day Lower , Ed By Services After It Slipped 3 46 Percent Was Trailed Mining And Oil , 20 Percent Property , 55 Percent Industrial , 39 Percent And Holding Firms , 94 Percent Only The Financials Index Gained During Day At After It Went Up By 0 27 Volume Reached 893 23 Million Shares Amounting To Php7 5 Billion Decliners Led Advancers 149 55 While 34 Were Unchanged Luis Limlingan , Egina Capital Development Corporation Rcdc Head Of Sales , Raced The Negative Close Of Psei Partly To Looming Morgan Stanley Capital International Msci Rebalancing And Wait See Stance On Release Us 39 Durable Goods Orders For February 2023 , Anufacturing Index And The Speaking Engagements Of Several Federal Reserve Officials He Said Oil Prices Ended Last Friday 39s Trading Up Quot As Are Supported By Prospect Lower Russian Exports But Pressured Rising Inventories In Us Concerns Over Global Economic Activity Brent Crude Futures Rose 1 2 Percent To Usd83 16 Per Barrel West Texas Intermediate Wti Usd76 32 Points Meanwhile , He Local Currency Depreciated And Ended The Day At 55 51 From Last Friday 39s 54 87 Toa Us Dollar It Opened 25 , Eaker Than 55 12 Start In The Previous Session It Traded Between 64 And 00 , Esulting In An Average Of 55 312 Volume Reached Usd1 33 Billion , Igher Than The Usd1 11 Billion At End Of Last Week Rizal Commercial Banking Corporation Rcbc Chief Economist Michael Ricafort Traced Peso 39s Weakness To , Mong Others , He Performance Of The Psei , Orrection Of The Us Dollar And Geo Political Concerns Between China , S Well As The Reports About Russia Suspending Its Observation Of New Strategic Arms Reduction Treaty Start With Us Ricafort Said Peso 39s First Important Support Level Over Past Month Was At 54 30 To 50 Levels And These Quot Protect Structural Integrity Underlying Upward Trend Since February 3 , 023 Quot He Forecasts The Peso To Trade Between 55 40 60 Against Greenback On Tuesday Pna ,
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