the peso is flat, the PSEi is slightly higher; Growth results await

The peso was unchanged while the stock market only added a few points on Monday ahead of the release of 2022 economic growth data later this week.

The coin closed at P54.54 per dollar, the same as Friday’s close.

Meanwhile, the benchmark Philippine Stock Exchange Index rose 13.06 points, or 0.19 percent, to close at 7,069.68 points. The broader all shares rose 8.39 points, or 0.23 percent, to 3,691.25 points.

“Today’s movement can be attributed to investors adopting a wait-and-see mode ahead of the release of Q4 2022 GDP (Gross Domestic Product) reports for the Philippines and the United States later this week, both in January.[uary] 26,” Rastin Mercado, head of research at the Bank of China Securities, said.

Claire Alvear, research assistant at Philstocks Financial Inc. , indicated that foreigners helped lift the market with a net inflow of 421.79 million pesos. She added that the gains in the US market from 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 regarding upcoming interest rate meetings in the US and Manila.

Investors will also be looking for the latest U.S. personal consumption expenditures price index and the S&P Global Manufacturing PMI (purchasing managers’ index), among others, said Louis Lemlingan, managing director of Regina Capital Development Corp.

The peso opened trading at P54.4:$1 and ranged from P54.3 to P54.6. Total volume for the day was $1.24 billion, slightly higher than the $1.046 billion in the previous session.

Meanwhile, sectoral results varied, with holding companies rising (0.63%) and mining and oil leading losers (-0.80%).

A total of 1.24 billion shares were traded, at a value of 8.35 billion pounds.

The gainers outperformed the losers, 99 to 92, while 55 remained unchanged.

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