PSEi regains footing, peso down vs USD

FILE: Philippine Stock Exchange index (PSEi) (PNA PHOTO)

MANILA — The Philippine Stock Exchange index (PSEi) recovered Thursday but the peso went the other way as investors remain concerned on political developments overseas.

The main stocks gauge rose 0.53 percent or 44.34 points, to 8,402.81 points.

The broader All Shares followed with a 0.42 percent, or 20.40 points to 4,928.28 points. Most of the sectors also gained during the day, led by the Property with 1.43 percent followed by Industrial, 0.81 percent; Holding Firms, 0.59 percent; and Mining and Oil, 0.42 percent.

Services and Financials, meanwhile, fell by 0.98 percent and 0.10 percent, respectively. Volume for the day reached three billion shares amounting to PHP8.21 billion. Losers continued to surpass gainers at 122 to 82 while 48 shares were unchanged.

On the other hand, the peso weakened against the US dollar and finished the day at 51.43 from 51.35 a day ago, which a trader pointed to political noise overseas.

It opened the day at a better level of 51.40 from Wednesday’s 51.48. It further improved to 51.32 but also dipped to 51.45, resulting in an average of 51.

385.

Volume for the day reached USD821.1 million, down from the USD801.8 million in the previous session.

The currency pair is seen to trade between 51.30 and 51.50 Friday. (PNA)