Business and Economy
US-China trade talks still affect peso, stocks
Last week, the US and China announced they would cancel plans to implement new tariffs on goods from the respective economies as they have laid out preliminary points for the first phase of the deal. (File Photo By Katrina.Tuliao/Wikimedia Commons, CC BY 2.0)
MANILA — The peso ended sideways against the US dollar on Monday while the Philippine Stock Exchange index (PSEi) started the week on the negative territory as investors await developments on the initial US-China trade deal.
The local unit finished the day’s trade at 50.635 from 50.64 close Friday last week, which a trader attributed to trade discussions between the world’s largest economies.
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Last week, the US and China announced they would cancel plans to implement new tariffs on goods from the respective economies as they have laid out preliminary points for the first phase of the deal.
However, investors are still jittery since the deal has yet to be signed, the trader said.
The peso opened the day weaker at 50.65 than the 50.50 start in the previous session.
It strengthened to 50.57 but also touched 50.67, resulting in an average of 50.614.
Volume totaled to USD502 million, a significant decline from the USD1.33 billion at the end of last week’s trading.
The peso is seen to trade between 50.60 and 50.80 against the greenback on Tuesday.
On the other hand, the local equities index shed 2.24 percent, or 176.03 points, to 7,701.60 points.
All Shares index followed with a 1.
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72-percent, or 80.18 points, drop to 4,581.89 points.
Most of the sectoral gauges also finished with losses, led by the Holding Firms with 2.41 percent decline.
Financials trailed after it declined by 2.35 percent and was followed by Property, 2.19 percent; Industrial, 1.87 percent; and Services, 1.35 percent.
Only Mining and Oil ended in the positive territory after rising by 1.12 percent.
Volume reached 483.74 million shares amounting to PHP6.2 billion.
Losers led gainers at 126 to 70, while 73 shares were unchanged.
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