Business and Economy
Peso gains vs. US dollar; PSEi ends 4-day rally
FILE: (ShutterStock)
MANILA — The Philippine peso finished the week 21 centavos higher against the US dollar while the Philippine Stock Exchange index ended its four-day rally.
The local currency ended the week at 51.21 from Thursday’s 51.42, which a trader partly traced to investors appreciation for the nomination of Federal Reserve Board member Jerome H. Powell as successor of Federal Reserve Chair Janet Yellen, whose term will end in February 2018.
It opened the day at 51.36, a big improvement from the 51.58 a day ago.
It traded between its opening level and 51.14, resulting to an average of 51.27.
A total of USD690.2 million changed hands, up from the USD562.4 million a day ago.
Traders expect the currency pair to trade between 51.20 and 51.50 next week.
On the other hand, the PSEi shed 1.64, or 139.89 points, to 8,376.13 points.
Most of the other indices followed with the broader All Shares down by 1.17 percent, or 58.07 points to 4,898.90 points.
Biggest drop among the sectors was posted by the Holding Firms after it declined by 2.12 percent followed by Services, 2.02 percent; Financials, 1.37 percent; Industrial, 1.00 percent; and Property, 0.29 percent.
Only the Mining and Oil ended with gains after it rose 0.60 percent.
Volume totaled to 1.03 billion shares amounting to PHP9.79 billion.
Losers led gainers at 108 to 77 while 58 shares were unchanged. (PNA)
