US GDP report weakens PSEi, peso

FILE: (PNA PHOTO)

MANILA —Investors’ risk-off sentiment resulted in the continued drop of the Philippines main equities index and the local currency Friday.

The Philippine Stocks Exchange index (PSEi) shed 1.33 percent, or 110.01 points, to 8,144.02 points.

All the other indices tracked the main index, with the All Shares down by 1.25 percent, or 60.77 points, to 4,785.86 points.

The sectors were led by the Property, which fell 1.53 percent; followed by Holding Firms, 1.47 percent; Mining and Oil, 1.40 percent; Financials, 1.17 percent; Industrial, 0.92 percent; and Services, 0.78 percent.

Some 1.48 billion shares  amounting to PHP9.7 billion change hands.

Losers continued to reign over the gainers at 134 to 59 while 45 shares remained unchanged.

The peso ended its rally and finished the week at 50.37 from 50.27 a day ago.

A trader pointed this to positive report overseas such as the higher-than-expected rise of US gross domestic product (GDP) for the third quarter of 2017 to 3.3 percent from projections of 3.2 percent.

The trader said this report supported the US dollar, which has been weak in the region for some days now.

For the day, the local unit opened better at 50.33 from 50.40 a day ago.

It was able to strengthen to as much as 50.27 but was pulled to its closing level, resulting to an average of 50.32.

Volume for the day reached USD444.

7 million, lower than the USD728.9 million a day ago.

Next week, the currency pair is seen to trade between 50.20 and 50.50. (PNA)