Thu, 01 Jun 2023

MANILA - The Philippine Stock Exchange index (PSEi) ended the week's first trading day in the negative territory ahead of the Federal Reserve meeting while the peso kept its footing against the US dollar.
The main stocks index shed 0.56 percent, or 40.88 points, to 7,252.64 points.
All Shares went down by 0.57 percent, or 21.89 points, to 3,847.51 points.
All the sectoral indexes also contracted during the day, led by the Financials after it slipped by 1.27 percent.
It was trailed by the Mining and Oil which declined by 1.22 percent; Holding Firms, 0.68 percent; Services, 0.57 percent; Industrial, 0.33 percent; and Property, 0.02 percent.
Volume totaled 1.96 billion shares amounting to PHP6.05 billion.
Decliners surpassed advancers at 127 to 62, while 48 shares were unchanged.
Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales, said investors are "beginning to make bets ahead of a busy week on the economic calendar."
"Sentiment started weak as US stocks tumbled on Friday, closing out a losing week and continuing a rough start to 2022," he said.
Among the major reports to be released in the US during the week include the private sector Purchasing Managers Index (PMI) for January 2022, the consumer confidence data, and jobless claims.
"The Federal Reserve's meeting on Tuesday and Wednesday, however, will likely set the tone for how markets are going to fare throughout the week, with investors awaiting any new clues on how much the central bank will raise interest rates this year and when it will start," Limlingan said.
On the local front, the Philippine Statistics Authority (PSA) is scheduled to report the fourth quarter 2021 economic performance on Jan. 27.
Meanwhile, the local currency finished the week's first session at 51.29, sideways from its 51.37 close Friday last week.
It opened the day at 51.3 and traded between 51.35 and 51.25. Average level for the day stood at 51.312.
Volume totaled USD827.5 million, lower than the USD993.2 million at the end of last week. (PNA)

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