{"id":178096,"date":"2018-08-22T22:15:47","date_gmt":"2018-08-23T02:15:47","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=178096"},"modified":"2018-08-22T22:15:47","modified_gmt":"2018-08-23T02:15:47","slug":"psei-resumes-trading-peso-stays-firm-amid-concerns","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/08\/22\/psei-resumes-trading-peso-stays-firm-amid-concerns\/","title":{"rendered":"PSEi resumes trading up, peso stays firm amid concerns"},"content":{"rendered":"
\"\"<\/a>
PSEi gained 1.76 percent, or 131.73 points, to 7,632.26 points, which a trader pointed partly to bargain hunting. (Shutterstock photo)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0— The Philippine Stock Exchange index (PSEi) resumed trading on Wednesday on a positive note and the Peso ended sideways to the greenback.<\/p>\n

PSEi gained 1.76 percent, or 131.73 points, to 7,632.26 points, which a trader pointed partly to bargain hunting.<\/p>\n

The main index also mirrored Wall Street\u2019s performance Tuesday, the trader said.<\/p>\n

All shares increased by 1.17 percent, or 53.48 points, to 4,623.61 points.<\/p>\n

The sectors also finished with gains, led by Industrial, 2.63 percent; Property, 1.88 percent; Holding Firms, 1.77 percent; Mining and Oil, 1.32 percent; Services, 0.81 percent; and Financials, 0.15 percent.<\/p>\n

Volume for the day reached 1.645 billion shares, amounting to PHP6.5 billion.<\/p>\n

It was a balance between the advancers and decliners at 103 each while 36 stocks were unchanged.<\/p>\n

On Wednesday, the government reported improvements of revenues and expenditures and the increase of budget gap as of last July.<\/p>\n

For July alone, revenues rose by 24 percent year on year and expenditures by 34 percent. These resulted in the 71-percent rise of budget deficit.<\/p>\n

As of end-July 2018, revenues rose 21 percent to PHP1.652 trillion and spending by 23 percent to PHP1.93 trillion. Deficit to date rose 36 percent to PHP279.4 billion.<\/p>\n

Philstocks Financial Research and Client Engagement head Justino Calaycay told the Philippine News Agency (PNA) that these figures are not expected to have a big part in lifting local stocks further since the issue that investors are currently looking at is primarily external factors, such as the situation in Turkey.<\/p>\n

He said Turkey\u2019s problem is not a simple one since \u201caside from politics, (it) borrows from challenges on its current account deficit, among other things.\u201d<\/p>\n

He said the rise in the main equities index during the day is a welcome development even with the \u201cdecent value flows.\u201d<\/p>\n

\u201cInvestors have kept their eyes open for bargains with expectations magnified by solid performances by overseas markets overnight. Again, the question begs — is this sustainable?\u201d he said.<\/p>\n

Asked for his forecast on whether this uptick in the PSEi is sustainable, Calaycay said, \u201dTouch and go still.\u201d<\/p>\n

With concerns on developments overseas still a big contributor to the local financial market, the Peso ended the day at 53.425 from 53.38 last Monday.<\/p>\n

There was no trading Tuesday since it was a holiday because of the Muslim feast Eid\u2019l Adha or the Feast of Sacrifice and Ninoy Aquino Day.<\/p>\n

Another trader said investors also took note of reports on the latest issues that US President Donald Trump are facing — the conviction for tax and bank fraud of his election campaign chair Paul Manafort, and the admission by the President\u2019s personal lawyer, Michael Cohen, of violations of campaign finance laws.<\/p>\n

With more concerns coming up, investors decided to stay on the sidelines, the trader said.<\/p>\n

The Peso opened the day at 53.36 from 53.38 in the previous session, trading between 53.35 and 53.44, and resulting in an average of 53.395.<\/p>\n

Volume reached USD385.15 million, lower than the USD424.35 million last Monday.<\/p>\n

The currency pair is seen to trade between 35.30 and 35.50 Thursday.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The Philippine Stock Exchange index (PSEi) resumed trading on Wednesday on a positive note and the Peso ended sideways …<\/p>\n","protected":false},"author":33,"featured_media":45358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,43],"tags":[],"class_list":["post-178096","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-stock-markets","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/178096","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=178096"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/178096\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/45358"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=178096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=178096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=178096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}