{"id":180093,"date":"2018-09-05T04:22:16","date_gmt":"2018-09-05T08:22:16","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=180093"},"modified":"2018-09-05T04:22:16","modified_gmt":"2018-09-05T08:22:16","slug":"local-stocks-recover-peso-slides-ahead-major-data-releases","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/09\/05\/local-stocks-recover-peso-slides-ahead-major-data-releases\/","title":{"rendered":"Local stocks recover, peso slides ahead of major data releases"},"content":{"rendered":"
\"\"<\/a>
The Philippine Stock Exchange index (PSEi) recovered and gained 0.63 percent, or 49.60 points, to 7,881.82 points. (Shutterstock photo)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0— The Philippines\u2019 main equity gauge finished Tuesday with gains even as investors await August’s inflation rate report on Wednesday, but the peso lost steam against the US dollar.<\/p>\n

The Philippine Stock Exchange index (PSEi) recovered and gained 0.63 percent, or 49.60 points, to 7,881.82 points.<\/p>\n

Landbank market economist Guian Angelo S. Dumalagan traced this improvement partly to the positive close of US equity futures, amid challenges around the world.<\/p>\n

Some investors also trained their eyes on the recent policy easing move of China, which is expected to boost infrastructure spending and the economy, in general.<\/p>\n

Also, the Philippine Statistics Authority (PSA) is scheduled to release the August 2018 inflation report and Dumalagan expects this to hit 6 percent from last July\u2019s multi-year high of 5.7 percent.<\/p>\n

\u201cFood items will still be the biggest factor, due to weather disturbances; increasing gasoline prices; and increments in MER (Meralco) rates,\u201d he added.<\/p>\n

All the other counters also went up during the day, with the broader All Shares up by 0.50 percent, or 23.69 points, to 4,795.86 points.<\/p>\n

Mining and Oil led the sectors with a jump of 1.08 percent while Industrial, Holding Firms, Property, Services, and Financials trailed with increases of 0.91 percent; 0.69 percent; 0.50 percent; 0.42 percent; and 0.14 percent, respectively.<\/p>\n

Volume remains thin at 874.6 million amounting to nearly PHP5.94 billion.<\/p>\n

Gainers led losers at 101 to 87 while 52 shares were unchanged.<\/p>\n

On the other hand, the peso weakened against the greenback after finishing the day at 53.535 from the previous session\u2019s 53.46.<\/p>\n

Dumalagan traced this to dollar demand, citing that \u201cSeptember (is) importation month.\u201d<\/p>\n

The Federal Open Market Committee (FOMC) will have a meeting on September 25-26 and it \u201cmay raise rates,\u201d he said.<\/p>\n

A trader said investors are also observing developments overseas, particularly on the developments in Turkey and Argentina, which are currently experiencing currency crises.<\/p>\n

With these factors in the play, the local currency opened the day at 53.5, little moved from the 53.53 a day ago.<\/p>\n

It traded between a close range of 53.55 and 53.495, resulting in an average of 53.53.<\/p>\n

Volume reached USD440.75, lower than the USD485.8 million a day ago.<\/p>\n

The currency pair is seen to trade between 53.35 and 53.55 Wednesday.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The Philippines\u2019 main equity gauge finished Tuesday with gains even as investors await August’s inflation rate report on Wednesday, …<\/p>\n","protected":false},"author":33,"featured_media":45360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-180093","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/180093","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=180093"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/180093\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/45360"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=180093"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=180093"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=180093"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}