With the further easing of the quarantine classification in the National Capital Region (NCR), the country currency rate gained 1.90 percent, or 137.05 points, to 7,340.77 points, the Philippine Stock Exchange index (PSEi) reported.

All Shares followed with a jump of 1.21 percent, or 53.84 points, to 4,491.01 points.

Moreover, all the sectoral indexes also rose during the day, including Property, by 3.30 percent; Services, 2.53 percent; Financials, 1.33 percent; Holding Firms, 1.29 percent; Industrial, 0.48 percent; and Mining and Oil, 0.42 percent.

Volume totalled 1.4 billion shares, amounting to PHP9.42 billion. Meanwhile, advancers led decliners at 137 to 67 while 44 shares were unchanged.

In reply to emailed questions from the PNA, Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said the easing of Metro Manila’s quarantine classification to Alert Level 2 from November 5 to 21 backed investors sentiments.

The report on the slower inflation rate in October, at 4.6 percent from the previous month’s 4.8 percent, along with the improvement in both the imports and exports data as of September and the rise in US stock markets, also buoyed the PSEi.

He forecast the main index’s immediate support level at 7,000 and the next resistance level, between 7,400 and 7,500.

Subsequently, the local currency strengthened against the US dollar after finishing the week’s trade at 50.33 from 50.595 on Thursday.

It opened the day sideways at 50.62 and traded between 50.62 and 50.32, averaging at 50.489.

Volume totalled USD1.2 billion, higher than the previous session’s USD782.25 million.

Ricafort noted that factors that lifted the PSEi during the day also supported the local currency, which posted its most substantial level since closing at 50.27 to the greenback on September 22.

“(The) peso likewise became stronger in anticipation (of) some increase in OFW (overseas Filipino workers) remittances and conversion to pesos ahead of the Christmas season next month,” he said.

Moreover, the chief economist forecast the peso’s immediate support level at 50.20 to 50.30 to the US dollar. – WhatALife.ph

Source: (1)

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