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PSEi ends flat, peso finishes strong on year’s last trading day

The local bourse closed flat while currency finished strong on the last trading day for the year.

The Philippine Stock Exchange index (PSEi) closed at 6,566.39 shedding 0.15 points on Thursday.

All shares were up by 12.71 points to 3,462.04.

“Philippine shares were able to remain flat despite the broad sell-off in the US, as recession fears weighed on investor sentiment in a losing week, month, and year. With 2022 in the books, investors started the last chance for window dressing,” Regina Capital Development Corp. head of sales Luis Limlingan said.

Four sectors recorded gains while two counters ended in the red in this day’s trading.

For two consecutive days, Mining and Oil was the biggest gainer, with shares increasing by 103.62 points to 10,808.92 on Thursday.

This was followed by Property, up by 47.34 points to 2,928.71; Financials, up by 7.63 points to 1,645.03; and Services, up by 6.94 points to 1,634.23.

Industrial shares fell for two straight trading days, with latest shedding of 3.42 points to 9,351.16.

Holding Firms lost bigger at 69.72 points ending the year at 6,433.27.

Some 120 listed firms recorded gains in their shares, 68 were losers, and 49 were unchanged.

Value of trading on Thursday was pegged at P6.16 billion.

Meanwhile, the Philippine peso closed 2022 strong to 55.76, gaining by 0.44, from previous day’s finish of 56.20 to a US dollar.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the local currency’s closing rate was among the weakest in 4.5 months, or since August 12 when it closed at 55.61.

“(N)evertheless, (it) still eased/improved from the record high closing rate of 59 posted on October 3, 10, 13, and 17, 2022,” Ricafort added.

The currency pair opened the day at 56.17, weaker than Wednesday’s kick-off of 55.9 to a dollar.

Peso and dollar traded between a low of 55.67 to a high of 56.18, bringing the average level for the day at 55.82.

Volume of trade declined to USD807.8 million from USD882.85 in the previous day.

Exchange rate forecast for the start of 2023 is seen between 55.55 and 56.05 levels.*PNA

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