{"id":241670,"date":"2020-01-07T21:31:23","date_gmt":"2020-01-08T02:31:23","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=241670"},"modified":"2020-01-07T21:31:23","modified_gmt":"2020-01-08T02:31:23","slug":"peso-stocks-rise-on-2020-budget-approval","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2020\/01\/07\/peso-stocks-rise-on-2020-budget-approval\/","title":{"rendered":"Peso, stocks rise on 2020 budget approval"},"content":{"rendered":"
\"\"<\/a>
The local currency ended the day\u2019s trade at 50.76 to a US dollar from its 50.93 close a day ago. (Shutterstock photo)<\/figcaption><\/figure>\n

MANILA<\/strong>\u00a0— The peso and the Philippine Stock Exchange index (PSEi) both improved Tuesday partly due to the signing into law of the 2020 national budget.<\/p>\n

The local currency ended the day\u2019s trade at 50.76 to a US dollar from its 50.93 close a day ago.<\/p>\n

RCBC chief economist Michael Ricafort told PNA that news about President Rodrigo Duterte signing this year\u2019s national budget is \u201can important positive lead\/catalyst that could fundamentally lead to faster government spending especially on infrastructure.\u201d<\/p>\n

He cited as additional positive news the approval for the extended validity of some 2019 national budget items into this year, and the catch-up infrastructure spending.<\/p>\n

Ricafort said these factors are positive for both the peso and the PSEi at least until the end of this week.<\/p>\n

On external factors, he said global crude oil prices have started to stabilize from a seven-month high despite the US-Iran tension, while investors remain optimistic about the signing of the first phase of the US-China trade deal on January 15.<\/p>\n

The latter, he said, \u201cpartly supported global market risk appetite since December 2019 as any further easing of the US-China trade war could improve global economic growth\/outlook and global trade.\u201d<\/p>\n

For the day, the peso opened at 50.945, better than its 51.08 start in the previous day.<\/p>\n

It traded between 50.98 and 50.71, resulting in an average of 50.841.<\/p>\n

Volume totaled to USD1.63 billion, higher than the previous day\u2019s USD1.58 billion.<\/p>\n

Meanwhile, the PSEi improved by 0.55 percent, or 42.83 points, to 7,840.70 points.<\/p>\n

All Shares rose 0.32 percent, or 15.02 points, to 4,648.35 points.<\/p>\n

Half of the counters also ended on the positive territory, led by Holding Firms with 1.33 percent. Industrial rose 0.79 percent and Services by 0.32 percent.<\/p>\n

On the other hand, Mining and Oil index fell 0.56 percent, Financials, 0.24 percent; and Property, 0.16 percent.<\/p>\n

Volume reached 2.186 billion shares amounting to PHP6.5 billion.<\/p>\n

Advancers led decliners at 94 to 85, while 64 shares were unchanged.\u00a0<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u00a0— The peso and the Philippine Stock Exchange index (PSEi) both improved Tuesday partly due to the signing into law …<\/p>\n","protected":false},"author":44,"featured_media":45360,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-241670","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\/241670","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\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=241670"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/241670\/revisions"}],"predecessor-version":[{"id":241671,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/241670\/revisions\/241671"}],"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=241670"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=241670"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=241670"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}