Connect with us

Business and Economy

PSEi surges anew; peso slides vs USD

Published

on

MANILA— The Philippine Stock Exchange index (PSEi) surged anew to a new high Tuesday but the peso continued to go down as investors weighed global economic developments.

The main equities index ended the day at 8,398.04 points, up by 0.37 percent or 30.66 points.

The broader All Shares gauge tracked the main index after it rose 0.26 percent, or 12.79 points, to 4,922.71 points.

Half of the sectors also posted gains during the day namely the Financials, 0.76 percent; Holding Firms, 0.74 percent; and Services, 0.05 percent.

On the other hand, Mining and Oil shed 1.23 percent, Property by 0.25 percent, and Industrial, 0.04 percent.

Volume totalled to 1.63 billion shares amounting to PHP7.2 billion.

Losers led gainers at 103 to 91 while 51 shares were unchanged.

On the other hand, the local currency shed 19.5 centavos and finished the day at 51.44 from 51.245 Monday.

It opened the day flat at 51.200 and traded between a wide range of 51.16 and 51.46, resulting an average of 51.308.

Volume for the day increased to USD929.3 million from USD657.8 million in the previous session.

ING Bank Manila senior economist Joey Cuyegkeng, in a research note, said the peso’s weakness was due to acquisition-related inflows last September and the positive import demand for the US dollar.

“Relatively dovish comment from the central bank in the wake of an acceleration of inflation in September also allowed for some weakness,” he said, referring  to the uptick of headline inflation in the ninth month this year to 3.4 percent  from 3.1 percent in the previous month.

As of last September, average inflation rate in the country stood at 3.1 percent, still slightly above the mid-point of the government’s two to four percent target for the year until 2019.

This is, however, lower than the 3.2 percent projection of the central bank for the three-year period.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Maria in Vancouver

Lifestyle1 week ago

Never Settle For Less Than You Are

Before I became a mother, before I became a wife, before I became a business partner to my husband, I...

Lifestyle3 weeks ago

Celebrating My Womanhood

The month of March is all about celebrating women and what better way to celebrate it than by enjoying and...

Lifestyle1 month ago

Maria’s Funny Valentine With An Ex!

Maria in Vancouver can’t help but wonder: when will she ever flip her negative thoughts to positive thoughts when it...

Lifestyle2 months ago

The Tea on Vancouver’s Dating Scene

Before Maria in Vancouver met The Last One seven years ago and even long before she eventually married him (three...

Lifestyle3 months ago

How I Got My Groove Back

Life is not life if it’s just plain sailing! Real life is all about the ups and downs and most...

Lifestyle3 months ago

Upgrade Your Life in 2025

It’s a brand new year and a wonderful opportunity to become a brand new you! The word upgrade can mean...

Maria in Vancouver4 months ago

Fantabulous Christmas Party Ideas

It’s that special and merry time of the year when you get to have a wonderful excuse to celebrate amongst...

Lifestyle4 months ago

How To Do Christmas & Hanukkah This Year

Christmas 2024 is literally just around the corner! Here in Vancouver, we just finished celebrating Taylor Swift’s last leg of...

Lifestyle5 months ago

Nobody Wants This…IRL (In Real Life)

Just like everyone else who’s binged on Netflix series, “Nobody Wants This” — a romcom about a newly single rabbi...

Lifestyle5 months ago

Family Estrangement: Why It’s Okay

Family estrangement is the absence of a previously long-standing relationship between family members via emotional or physical distancing to the...