Stocks rise as March remittances rise 3.2%

PHILIPPINES stocks ended higher on Tuesday on data showing higher remittances from Filipino Overseas Workers (OFW) in March and continued bargain hunting.

The benchmark Philippine Stock Exchange Index (PSEi) gained 1.42% or 92.54 points to end at 6,594.66 on Tuesday, while the broader all-stock index improved by 0. .78% or 27.37 points at 3,533.65.

The local stock exchange extended its rally on Tuesday by 92.54 points (1.42%) to 6,594.66 as investors appreciated the transfer of funds from the Philippines in March. [data]… Continued growth in remittances is seen as helping the local economy by boosting demand, primarily household spending,” Japhet Louis O. Tantiangco, senior research analyst at Philstocks Financial, Inc., said in a post. Viber.

Marc Kebinson L. Lood, head of online trading at Timson Securities Inc., said in a Viber message that the market closed higher on bargain hunting after the PSEi hit 6,300 last week.

“The central bank is also expected to raise interest rates to protect the currency and keep inflation under control. Meanwhile, investors are watching the market look very cheap…as well as good first-mover earnings. quarter of some blue chip companies and growth in OFW remittances, which is supporting consumption,” he added.

Money sent home by OFWs rose 3.2% in March, reflecting improved economic conditions in many host countries as pandemic-related restrictions were eased.

Data released by the Bangko Sentral ng Pilipinas (BSP) on Monday showed remittances sent by banks amounted to $2.59 billion in March, up from $2.51 billion in the same month in 2021.

For the first three months of the year, remittances rose 2.4% to $7.77 billion from $7.59 billion in the same period last year.

PASB expects remittances to increase by 4% this year.

Meanwhile, the BSP Monetary Council is holding a policy meeting on Thursday. A BusinessWorld poll of 17 analysts conducted last week showed they are split on the BSP’s next move, with nine betting rates set to remain unchanged, while eight expect a 25 basis point hike.

Among sector indices, the only decline was services, which fell 0.10% or 1.99 points to 1,857.51.

At the same time, holdings rose 2.13% or 127.19 points to 6,098.08; real estate climbed 1.67% or 49.82 points to 3,026.86; financials rose 1.22% or 19.02 points to 1,573.59; mining & oil rose 0.65% or 70.87 points to 10,904.47; and Industrials improved 0.59% or 54 points to 9,069.98.

Turnover in value on Tuesday was 7.32 billion pesos with 1.17 billion shares traded, lower than the 8.06 billion pesos with 678.36 million issues recorded the previous trading day.

Advances outnumbered decliners, 109 to 88, while 50 names closed unchanged.

Net sales abroad fell to 65.05 million pesos on Tuesday from 763.47 million pesos recorded on Monday. — RMDO

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