Business and Economy
Peso strengthens anew; PSEi recovers
18 from 51.205 a day ago, which a trader said was a positive turnout amid expectations for rate normalization in the US. (Photo by Debbie Tingzon/Flickr, CC BY 2.0)” width=”1600″ height=”1200″ />
The local currency finished the day at 51.18 from 51.205 a day ago, which a trader said was a positive turnout amid expectations for rate normalization in the US. (Photo by Debbie Tingzon/Flickr, CC BY 2.0)MANILA — The Philippine peso inched up against the US dollar on Tuesday as the Philippine Stock Exchange index (PSEi) recovered from a slump at the start of the week.
The local currency finished the day at 51.18 from 51.205 a day ago, which a trader said was a positive turnout amid expectations for rate normalization in the US.
It opened the day better at 51.20 from the previous session’s 51.30.
It improved to as much as 51.07 and moved to 51.21 during the day, resulting an average of 51.14.
Volume for the day reached USD476.78 million, slightly higher than the USD464.7 million a day ago.
The currency pair is seen to trade between 51.
10 and 51.30 Wednesday.
PSEi gained 0.60 percent, or 49.62, to 8,379.64 points and was tracked by the broader All Shares, which rose 0.39 percent, or 19.29 points, to 4,913.91 points.
Half of the sectors followed, led by the Mining and Oil with 1.
98 percent, Holding Firms, 1.17 percent; and Industrial, 0.92 percent.
At the other side are the Services, 0.
56 percent; Financials, 0.19 percent; while Property was flat.
Volume for the day reached 889.39 million shares amounting to PHP8.9 billion.
Losers surpassed gainers at 111 to 76 while 51 shares remained unchanged.
