Peso rises; local stocks fall as trading week ends

On the other hand, the Philippine Stock Exchange index (PSEi) fell 0.14 percent, or 11.70 points, to 8,053.20 points. (Shutterstock Photo)

MANILA — With no major economic reports here or overseas either to inspire or sow gloom, local markets went their separate ways on Friday with the Philippine peso appreciating against the US dollar even as the main stocks gauge fell.

The local currency ended the day at 52.535 from 52.86 a day ago.

A trader said that after the report of the Philippines’ growth in 2018, at 6.2 percent from the previous year’s 6.7 percent, investors decided to just wait for news overseas.

For the day, the peso opened weaker at 52.90 from 52.65 a day ago.

It surged to 52.53 mid-trade but also moved to 52.91, resulting in an average of 52.728.

Volume of trade reached USD1.02 billion, up from the previous session’s USD950.49 million.

The currency pair is seen to trade between 52.50 and 52.90 next week.

On the other hand, the Philippine Stock Exchange index (PSEi) fell 0.14 percent, or 11.70 points, to 8,053.20 points.

“Philippine shares traded slightly lower after several regional events and economic data did not stir any interest heading into the weekend,” said Luis Limlingan, Regina Capital managing director.

He said negative sentiment rose partly on news quoting European Central Bank (ECB) president Mario Draghi, who said risks to the Euro area have shifted to the downside.

This news, along with the wait-and-see stance on the result of the US-China trade talks, made investors a bit jittery.

Hence, the mixed results of the stock indices, with the broader All Shares tracking the PSEi after it dropped 0.16 percent, or 7.61 points, to 4,853.62 points.

Holding Firms declined by 0.80 percent and Financials by 0.29 percent.

On the other hand, Services rose 0.87 percent and was followed by Mining and Oil, 0.66 percent; Property, 0.47 percent; and Industrial, 0.16 percent.

Volume reached 1.35 billion shares amounting to PHP7.88 billion.

Gainers led losers 101 to 87 while 50 stocks were unchanged.