Business and Economy
PSEi finishes week up; peso stays flat vs. USD
The main stocks index rose 0.34 percent, or 28.03 points, to 8,295.95 points. (Shutterstock photo)
MANILA – – The Philippine Stock Exchange index (PSEi) gained Friday while the peso finished the week little changed against the US dollar as investors await report on US’ third quarter growth later in the day.
The main stocks index rose 0.34 percent, or 28.03 points, to 8,295.95 points.
All Shares followed with a 0.25 percent, or 12.11 points, increase to 4,857.56 points.
Most of the sectors also increased with Financials rising the most by 0.86 percent.
Property went up 0.55 percent, Services by 0.31 percent, Mining and Oil by 0.20 percent, and Industrial by 0.03 percent.
On the other hand, Holding Firms declined by 0.03 percent.
Volume for the day reached 648.85 million share amounting to PHP4.6 billion.
It was a balance for the advancers and decliners at 95 shares each while 46 stocks were unchanged.
The local currency, on the other hand, finished the day at 51.76 from 51.75 a day ago, which a trader said was as expected since US Treasury yields continued its hike.
The peso started the day at 51.80, a bit weaker than the 51.75 in the previous day.
It traded between 51.85 and 51.75, bringing the day’s average to 51.799.
Volume for the day reached USD629.5 million, lower than the previous session’s USD650 million.
The currency pair is projected to trade between 51.60 and 51.90 next week, the week when the successor of US Federal Reserve chair Janet Yellen will be announced.
