MIXED. Positive earnings reports by local listed firms lifted the Philippine Stock Exchange index (PSEi) on Tuesday (Feb. 21, 2023), an improvement after several days of slide. On the other hand, the local currency weakened against the US dollar partly on investors' concerns on the elevated inflation rate and the path of the Federal Reserve's key rates. (PNA graphics) MANILA - The local bourse's main index recovered on Tuesday after a three-day decline, boosted by positive earnings reports by local listed firms, but the peso weakened against the United States dollar. The Philippine Stock Exchange index (PSEi) gained 0.84 percent, or 56.84 points, to 6,800.96 points. All Shares followed with a rise of 0.38 percent, or 13.86 points to 3,621.61 points. Most of the sectoral gauges also tracked the main index, led by Financials after it rose by 1.57 percent. It was trailed by Holding Firms, 1.29 percent; Mining and Oil, 1.24 percent; Property, 0.60 percent; and Industrial, 0.12
The local stock market continued to weaken as investors wait for the Federal Reserve’s meeting on Thursday.
The main index dropped 34.90 points or 0.52 percent to close at 6,744.12 as the Mining and Oil sector led all indices lower. Volume shrank to 483 million shares worth P3.3 billion as losers
The local stock market fell below the 6,800 support level on renewed concerns over inflation and interest rates.
The main index lost 36.89 points or 0.54 percent to close at 6,779.02 as the Property sector led the retreat although the Services and Mining counters managed to advance. Volume was low
WAIT-AND-SEE STANCE. Concerns on elevated inflation rate and the rate adjustment decisions by monetary authorities here and in the United States resulted in the negative close of both the local bourse's main index and the peso on Friday (Feb. 17, 2023). Economists said investors remain on wait-and-see stance for the key rate decisions of the Bangko Sentral ng Pilipinas (BSP) and the Federal Reserve, both of which are expected to raise their respective rates by at least 50 basis points this year. (PNA graphics) MANILA - The local stock barometer ended the week lower on inflation concerns and central banks' rate hiking path and this was mirrored by the local currency. The Philippine Stock Exchange index (PSEi) shed 0.54 percent, or 36.89 points, to 6,779.02 points. All Shares followed with a decline of 0.48 percent, or 17.39 points, to 3,621.69 points. Most of the sectoral gauges also finished the day down, led by Property after it fell by 1.75 percent. Industrial trailed after s