Business and Economy
PSEi starts week on high note but peso inches down
MANILA – – The Philippine Stock Exchange index (PSEi) rose Monday but the peso went the other way as investors continue their wait-and-see stance on several issues such as the movement of the Federal Reserve rates.
The main stocks gauge rose by 0.68 percent, or 56.50 points, to 8,367.38 points.
The broader All Shares followed with a 0.42 percent, or 20.48 points, to 4,909.92 points.
Most of the sectors finished with gains led by the Holding Firms by 1.27 percent; followed by Property, 0.58 percent; Mining and Oil, 0.26 percent; and Financials, 0.18 percent.
Services and Industrial, on the other hand, fell 0.24 percent and 0.10 percent, respectively.
Volume for the day reached 1.68 billion shares amounting to PHP6.1 billion.
Losers led gainers at 104 to 82 while 59 shares were unchanged.
The local currency, meanwhile, declined against the greenback and finished the week’s first trading day at 51.245 from 51.15 at the end of last week.
Its weakness showed early on after it opened the day at 51.20 from 51.10 in the previous session.
It was able to strengthen to 51.09 but dipped to 51.25 mid-trade, resulting in an average of 51.16.
Volume of trade reached USD657.8 million, up from the USD498.8 million in the previous session.
