{"id":91534,"date":"2017-02-27T22:13:55","date_gmt":"2017-02-28T03:13:55","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=91534"},"modified":"2017-02-27T22:13:55","modified_gmt":"2017-02-28T03:13:55","slug":"php-psei-down-ahead-of-trumps-state-of-the-union-addressby-joann-santiago","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/02\/27\/php-psei-down-ahead-of-trumps-state-of-the-union-addressby-joann-santiago\/","title":{"rendered":"PHP, PSEi down ahead of Trump’s State of the Union Addressby Joann Santiago"},"content":{"rendered":"
\"The<\/a>
The Philippine peso fell to its fresh 10-year low to a greenback while the local equities market was again affected by foreign selling ahead of US president Donald Trump’s State of the Union Address Tuesday. (Photo: Cheng Ilagan\/Philippine Canadian Inquirer)<\/figcaption><\/figure>\n

MANILA\u2014The Philippine peso fell to its fresh 10-year low to a greenback while the local equities market was again affected by foreign selling ahead of US president Donald Trump’s State of the Union Address Tuesday.<\/p>\n

The local currency finished the week’s first trading day at 50.27 from 50.21 at the end of last week. This was its weakest after the 50.32 in Sept. 26, 2006.<\/p>\n

A trader said withdrawals by foreign investors of their local stocks holdings were up as uncertainties rose ahead of Trump’s speech to the US Congress.<\/p>\n

This further weakened the peso, the trader said.<\/p>\n

ING Manila senior economist Joey Cuyegkeng said combination of weaker external payments position and domestic political noise were affecting the peso.<\/p>\n

He eyes the local currency to end the first quarter this year still above the 50-level to a dollar.<\/p>\n

“Local factors are likely to keep PHP on the defensive and could be compounded by USD strength resulting from positive reflation policy details tomorrow and the following weeks,” he said.<\/p>\n

He, however, cited that “President\u2019s support for economic reforms and infrastructure projects, including the Department of Finance tax reform package could narrow the PHP premium.”<\/p>\n

The local currency’s weak finish showed early on when it opened the day at 50.24 from the previous session’s 50.16.<\/p>\n

It traded between its opening level and 50.29 resulting to an average of 50.26.<\/p>\n

Volume of trade reached USD366.6 million, lower than the USD415.3 million last Friday.<\/p>\n

The currency pair is seen to trade between 50.20 and 50.40 Tuesday.<\/p>\n

The Philippine Stock Exchange index (PSEi) ended the day at 7,232.47 points, down 0.37 percent or 26.52 points.<\/p>\n

A trader said investors turned more cautious but pointed out that this was not just in the Philippines but the rest of the region.<\/p>\n

“Investors are on the lookout of any sweeping statements from Trump, ” the trader said.<\/p>\n

With this external factor All Shares also lost 0. 24 percent, or 10.73 points, to 4,384.35 points.<\/p>\n

There was a balance among the sectors with three each posting gains while the other half registered contractions.<\/p>\n

Mining and Oil, Financials and Services went up 1.55 percent, 0.28 percent and 0.02 percent, respectively.<\/p>\n

On the other hand, Holding Firms gave up 0.70 percent followed by Property, 0.56 percent, and Industrial, 0.21 percent.<\/p>\n

Volume of trade totalled to 826.84 million shares amounting to Php 4.4 billion.<\/p>\n

Decliners led gainers at 103 to 84 while 54 shares were unchanged.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2014The Philippine peso fell to its fresh 10-year low to a greenback while the local equities market was again affected …<\/p>\n","protected":false},"author":33,"featured_media":87851,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[15398,15872],"class_list":["post-91534","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-philippine-peso","tag-state-of-the-union-address","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/91534","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=91534"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/91534\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/87851"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=91534"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=91534"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=91534"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}