PSEi up 0.15% on news of lower fuel prices

PSE building in Taguig city. Photo by J. Gerard Seguia0

The Philippine Stock Exchange Index (PSEi) rose 9.50 points, or 0.15%, to 6361.82 on Friday.

According to Japhet Tantiangko, senior analyst at Philstocks Financial Inc., investors pulled back shares after falling on Friday as a projected pullback in fuel prices next week added to positive sentiment as it helps curb inflationary pressures. Investors also expect the next meeting of the monetary authorities to set the interest rate.

“PSE rises for the fifth day in six trading days after signals of a more hawkish 0.50 (point) local rate hike at the next rate-setting meeting on August 18, 2022, which could help support the peso against the dollar. US dollar,” Rizal Commercial Banking Corp. chief economist said in his analysis. Michael Ricafort.

Meanwhile, Regina Capital Development Corp. Managing Director Louis Limlingan noted that oil prices declined, recovering from sharp losses in the previous two sessions, as investors turned their attention back to limited supply, despite obsessive fears of a possible global recession. Brent futures closed up 3.9% to $104.65 a barrel, while West Texas Intermediate futures rose 4.26% to $102.73.

Trade strengthened with net turnover of 6.27 billion pesos, up 4.50 billion pesos from Friday. However, this was below the year-to-date average of 6.56 billion pesos.

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Foreigners were net sellers with a net outflow of 123.42 million pesos.

Industry led the sectors, adding 1.07%, while real estate was at the very bottom, down 0.89%.

The advancing ones outperformed the downtrends from 92 to 72, while 62 stocks remained unchanged.