Peso stays firm, PSEi declines on profit-taking

It surged to as much as 51.09 but dipped to 51.32, resulting in an average of 51.20.

MANILA — The Philippine peso was slightly up Wednesday, tracking the regional rally on lesser concerns about the US-North Korea conflict while the Philippine Stock Exchange index (PSEi) succumbed to profit-taking.

The local currency finished the day at 51.22, little changed from the 51.24 a day ago, which a trader pointed to improved sentiment in the region.

Its closing level was also the unit’s opening level for the day, and was way better than its 51.45 start in the  previous session.

It surged to as much as 51.09 but dipped to 51.32, resulting in an average of 51.20.

Volume for the day reached USD949.1 million, higher than the USD569.2 million Tuesday.

A trader expects the currency to trade between 51.20 and 51.40 Thursday.

On the other hand, the main equities index fell 0.21 percent, or 17.18 points, to 7,998.75 points.

Another trader said investors only took profit after the recent improvement of the PSEi.

The broader All Shares tracked the main index after it closed 0.02 percent, or 0.72 points, to 4,736.44 points.

Two of the sectoral indices also finished the day lower, namely the Holding Firms, which fell 0.57 percent, and Financials, 0.21 percent.

Most of the sectors gained and these were led by the Mining and Oil that went up 0.72 percent followed by the Services, 0.50 percent; Property, 0.34 percent; and Industrial, 0.16 percent.

Volume for the day reached 762.82 million shares amounting to PHP5.7 billion.

Advancers led decliners at 99 to 88 while 59 shares were unchanged.