Peso ends stronger, stocks falls

Peso ends stronger, stocks falls
Graphics from PNA

By Joann Villanueva

The Philippine peso ended stronger against the US dollar on Thursday following news that Federal Reserve expects to be on neutral mode next year as it considers current rates low enough to boost economic growth, while the main equities index ended on the red. 

The local currency finished the day at 50.71 from 50.81 a day ago, which BPI Research attributed to investors’ decision to digest the latest news from the US. 

It opened the day at 50.79 and traded between 50.79 and 50.7. Average rate for the day stood at 50.73. 

Volume reached USD794.1 million, higher than the USD782.8 million a day ago. 

The currency pair is seen to trade between 50.60 and 50.85 on Friday. 

On the other hand, the Philippine Stock Exchange index (PSEi) shed 0.58 percent, or 45.34 points, to 7,741.07 points. 

All Shares index declined by 0.54 percent, or 24.91 points, to 4,598.75 points. 

Most of the sectoral gauges also slipped led by the Property, 1.80 percent; and was followed by the Mining and Oil, 0.71 percent; Holding Firms, 0.56 percent; and Services, 0.30 percent. 

Industrial rose by 0.31 percent and Financials by 0.14 percent. Volume totaled to 591.1 million shares amounting to PHP6.3 billion. 

Losers led gainers at 113 to 76, while 50 shares were unchanged.

(First published in PNA)

Leave a Reply