MANILA — Senate’s approval of its version of the proposed tax reform bill on Tuesday night further boosted the Philippine peso Wednesday while geopolitical tensions overseas hurt the local equities market.
The local currency ended the day at 50.27 from the previous day’s 50.
35, which a trader pointed to positive sentiments after the proposed tax reform hurdled the Senate.
It opened the day flat at 50.40 but improved to as much as 50.
24 amid a pull to 50.44, resulting to an average of 50.346.
Volume for the day reached USD728.9 million, higher than the USD696.45 million a day ago.
The currency pair is seen to trade between 50.20 and 50.40 Thursday.
On the other hand, the Philippine Stock Exchange index (PSEi) shed 0.46 percent, or 37.85 points, to 8,254.03 points.
The broader All Shares followed with a 0.17 percent, or 8.04 points, decline to 4,846.63 points.
It was a balance among the sectors with the Industrial, Property and Holding Firms down by 0.97 percent, 0.95 percent and 0.49 percent, respectively.
Meanwhile, Financials led the gainers after rising 0.50 percent followed by Services, 0.
32 percent; and Mining and Oil, 0.24 percent.
Volume for the day reached 1.29 billion shares amounting to PHP18.72 billion.
Losers led gainers at 104 to 85 while 51 shares were unchanged.