Peso unchanged, PSEi slightly up; expected growth results

The peso was flat while the stock market gained just a few points on Monday ahead of the release of 2022 economic growth data later this week.

The currency closed at 54.54 pesos per dollar, the same as on Friday.

Meanwhile, the underlying Philippine Stock Exchange Index (PSEi) gained 13.06 points, or 0.19%, to close at 7069.68. The broader All Shares rose 8.39 points, or 0.23 percent, to 3691.25.

“The next move may be due to investors taking a wait-and-see approach ahead of the release of Q4 2022 GDP (gross domestic product) reports for the Philippines and the US later this week, which will both be released in January.[uary] December 26,” said Rustin Mercado, head of research at China Bank Securities.

Claire Alviar, a researcher at Philstocks Financial Inc., noted that foreigners helped boost the market with a net inflow of 421.79 million pesos. She added that the growth of the US market on Friday also provided support.

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Meanwhile, Michael Ricafort, chief economist at Rizal Commercial Banking Corp., said sentiment was supported by dovish signals about upcoming US and Manila rate meetings.

Regina Capital Development Corp. Managing director Louis Limlingan said investors will also be looking for the latest US personal consumption price index and the S&P Global Manufacturing PMI (purchasing managers index), among others.

Peso trading opened at 54.4 pesos: $1 and fluctuated between 54.3 and 54.6 pesos. The total volume for the day was $1.24 billion, up slightly from the previous session’s $1.046 billion.

Industry results, meanwhile, were mixed, with holding companies up the most (0.63 percent) and mining and oil (-0.80 percent) leading the losers.

A total of 1.24 billion shares worth 8.35 billion pesos changed hands.

The advancing crowded the falling ones from 99 to 92, while 55 remained unchanged.