Peso rises to 50-level, but local stocks slip

Peso rises to 50-level, but local stocks slip
(Money graphic courtesy of PNA)

By Joann Villanueva

The Philippine peso appreciated against the US dollar Tuesday but the Philippine Stock Exchange index (PSEi) slipped after investors stayed on the sidelines as US Federal Reserve officials hold their rate setting meet.

The local currency ended the day at PHP50.89 against the greenback from Monday’s PHP51.09, leading a trader to comment that this was expected, given investors’ anticipation of a cut in Fed rates this week.

It opened the day at 51.02 from 51.005 a day ago.

It traded between 51.065 and 50.89, resulting in an average of 51.013.

Volume surged to USD1.12 billion from USD767.25 million a day ago.

The peso is seen to trade between P50.90 and P51.10 to the greenback on Wednesday.

On the other hand, the main equities index fell 0.47 percent, or 38.06 points, to 8,150.46 points.

All Shares declined by 0.54 percent, or 26.96 points, to 4,936.08 points.

Most of the sectors ended the day on the red, led by Holding Firms, 0.87 percent, and was followed by Property, 0.71 percent; Mining and Oil, 0.47 percent; and Industrial, 0.43 percent.

On the other hand, Services rose by 0.58 percent and Financials by 0.29 percent.

Volume reached 754.8 million shares, amounting to PHP6.9 billion.

Losers led gainers at 115 to 85 while 49 shares were unchanged. (First published by PNA, July 30, 2019)

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