Articles worth reading

Metro News

Stoks, peso rise on Wednesday

account_balanceMetro News account_circleLinda Flores chat_bubble_outline0 Comments

Risk-on sentiments reigned in the local bourse on Wednesday while the peso improved to the 56-level against the United States dollar as investors awaited the release of the minutes of the Federal Open Market Committee's (FOMC) meeting earlier this month, according to a report by Philippine News Agency.

The Philippine Stock Exchange index (PSEi) inched up by 1.25 percent, or 80.67 points, to 6,510.32 points.

All Shares followed with a rise of 0.75 percent, or 25.61 points, to 3,415.76 points.


The sectoral indices were led by Property after it rose by 2.57 percent.

It was trailed by Holding Firms, 1.56 percent; Mining and Oil, 1.24 percent; Industrial, 0.85 percent; Financials, 0.17 percent; and Services, 0.14 percent.

Volume also increased to 802.39 million shares amounting to PHP5.88 billion.

Advancers led decliners at 105 to 83, while 46 shares were unchanged.

“Philippine shares broke through the 6,500 level as investors looked ahead to the publication of the FOMC (Federal Open Market Committee) meeting minutes for clues into the pace of future rate hikes and shrugged fears of further lockdowns in China,” said Luis Limlingan, Regina Capital Development Corporation (RCDC) head of sales.

Limlingan said US markets will be closed on Thursday for the Thanksgiving holiday and will close early on Friday.

He said oil prices increased “after top exporter Saudi Arabia said OPEC is sticking with output cuts and could take further steps to (reduce) recession worries and concerns about China’s rising Covid-19 (coronavirus disease 2019) case numbers.”

Brent crude oil price rose by 1.2 percent to USD88.53 per barrel and the West Texas Intermediate (WTI) by 1.4 percent to USD81.18 per barrel.

Meanwhile, the peso ended the day at 56.94 to a greenback from its 57.375 close on Tuesday.

It opened the day at 57.25, better than its 57.45 start on Monday.

It traded between 56.94 and 57.33, resulting in an average of 57.203.

Volume increased to USD687.85 million from the previous session’s USD684.4 million.

Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said the local currency got a boost after President Ferdinand R. Marcos denied rumors that Finance Secretary Benjamin Diokno will be replaced, as well as the relatively steady prices of oil in the world market, slowdown in US inflation rate which is expected to limit the rise in the Federal Reserve’s key rates.

For Wednesday, he forecasts the peso to trade between 56.85 and 57.15.

date_rangeDate Published
1 week ago
shareShare article
folder_openArticle tags
content_copyCategorized under

Share your thoughts with us

Related Articles

foodpanda Philippines team together with Ka-panda partner bikers  at the National Bike Day Event

Foodpanda joins celebration of 8th National Bike Day 

account_balanceMetro Manila chrome_reader_mode2 days ago

As part of its goal to promote sustainability, leading quick commerce digital platform foodpanda supported this year’s celebration of National Bike Day on November 27, led by the National Bicycle Organization (NBO) and the Department of Environ...

Photo Courtesy of Netflix

Kim Seon Ho arriving in Manila in January 

account_balanceMetro Manila chrome_reader_mode6 hours ago

The seat plan and ticket prices for Kim Seon Ho's Manila fan meet in January are here, according to a report by GMA News. Tickets range from P2,000 for General Admission to P12,500 for VIP A, according to PULP Live World's announcement Thu...

Photo courtesy of DOST Region III

DTI holds matching event for Central Luzon SMEs 

account_balanceMetro Manila chrome_reader_mode7 hours ago

Small and medium enterprises (SMEs) in Central Luzon received a big boost in upgrading their businesses through collaborative innovations, according to a report by Philippine News Agency. Through the 2022 THRIVE Central Luzon Innovation Summit,...

Photo Courtesy of SPD Facebook Page

SPD holds Christmas lighting ceremony

account_balanceMetro Manila chrome_reader_mode6 hours ago

It’s beginning to look a lot like Christmas at Southern Police District as it held its Ceremonial Lighting of Christmas Tree, Light, and Nativity at exactly 7:00 in the evening on the 1st day of December 2022 in front of SPD Admin Building Head...

Click on the article to continue reading
Quezon City adopts no contact apprehension system Red Cross pushes saliva test Vaccines from COVAX to arrive in Q1 Makati Shangri-La to close doors on Feb. 1 Cities in NCR to start vaccination simultaneously Mother, girlfriend of Filipino infected with UK variant also test positive Send Press Release MNC Facebook Page MNC Twitter Page MNC Instagram Page LGU Spotlight Barangay Front Business Sports Entertainment Metro Gen Metro Feature