Peso keeps ground, PSEi down on Turkey concerns

The local currency ended the day almost unchanged at 53.39 from Monday’s 53.37. (Shutterstock photo)

MANILA — Risk off sentiment on account of the financial crisis in Turkey continues to hurt the Philippines’ equities market but the peso stays firm amid concerns.

The local currency ended the day almost unchanged at 53.39 from Monday’s 53.37.

It opened the day at 53.5, a drop from day-ago’s 53.18, which a trader pointed to investors’ decision to prefer the US dollar given fears of contagion of the Turkey debt situation.

The debt crisis has hurt the Turkish lira, which has fallen over 15 percent to date. The trader said Asian currencies have felt the hit.

For the day, the peso ranged between its closing level and 53.51, resulting in an average of 53.

45.

Volume for the day totaled to USD693 million, lower than the USD786.4 million a day ago.

The currency pair is seen to trade between 53.10 and 50.30 Wednesday.

On the other hand, the Philippine Stock Exchange index (PSEi) shed 1.

41 percent, or 107.49 points, to 7,527.78 points.

All counters finished the day on the red, with the broader All Shares down by 1.16 percent, or 53.61 points, to 4,578.92 points.

Property registered the biggest drop among the sectors at 1.92 percent, and was followed by the Mining and Oil, 1.79 percent; Financials, 1.68 percent; Holding Firms, 1.28 percent; Services, 1.10 percent; and Industrial, 0.45 percent.

Volume reached 1.34 billion shares amounting to PHP5.31 billion.

Losers led gainers at 141 at 60, while 41 stocks were unchanged.