{"id":99083,"date":"2017-04-19T19:33:04","date_gmt":"2017-04-19T23:33:04","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=99083"},"modified":"2017-04-19T19:33:04","modified_gmt":"2017-04-19T23:33:04","slug":"call-for-uk-snap-election-adds-jitters-to-phl-financial-markets-wednesday","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/04\/19\/call-for-uk-snap-election-adds-jitters-to-phl-financial-markets-wednesday\/","title":{"rendered":"Call for UK snap election adds jitters to PHL financial markets Wednesday"},"content":{"rendered":"
\"It<\/a>
It resulted in the sideways close of the peso against the greenback with Wednesday\u2019s finish at 49.72 from Tuesday\u2019s 49.64. (Photo: Peter Rowley\/ Flickr<\/a>)<\/figcaption><\/figure>\n

MANILA\u2013Britain Prime Minister Theresa May\u2019s call for a snap election in June 2017 fuelled risk aversion in the Philippines\u2019 currency and equities market Wednesday, in line with the output in the region.<\/p>\n

It resulted in the sideways close of the peso against the greenback with Wednesday\u2019s finish at 49.72 from Tuesday\u2019s 49.64.<\/p>\n

A trader said the dollar strengthened against Asian currencies after investors preferred it over regional units to save their positions on back of increased geo-political concerns overseas.<\/p>\n

The Bangko Sentral ng Pilipinas\u2019 (BSP) report about the higher balance of payment (BOP) deficit last March, at USD550 million from month-ago\u2019s USD436 million, also had its undesirable effect on the peso, the trader said.<\/p>\n

\u201dThe poor performance of the local stocks, triggered by the sentiment about a possible snap election in the UK, increased uncertainty in the domestic front,\u201d the trader said.<\/p>\n

The trader said that general sentiment in the Euro Zone grew as a result of the possible snap election in the UK, citing that if May wins, the period of negotiations for the exit of Britain from the European Union (EU) will lengthen .<\/p>\n

\u201cIf she (May) wins it will afford them a longer time to iron out new UK trade deals on the Brexit,\u201d the trader said, but also pointed out that any election brings uncertainty to markets.<\/p>\n

With this new development, the peso opened weaker against the US currency at 49.65 from 49.55 in the previous session.<\/p>\n

The peso failed to recover during the trade and weakened further to 49.78, bringing the average for the day at 49.70.<\/p>\n

Volume of trade amounted to USD436.5 million, higher than the USD339.4 million a day ago.<\/p>\n

The currency pair is forecast to trade between 49.60 and 49.80 Thursday.<\/p>\n

Net foreign selling continued in the local equities market and pared 0.87 percent, or 66 points, off the Philippine Stock Exchange index (PSEi) to 7,522.98 points.<\/p>\n

All Shares tracked the main index after it fell 0.77 percent, or 34.77 points, to 4,502.07 points.<\/p>\n

Only the Financials registered gains among the sectoral indices after it rose 0.04 percent.<\/p>\n

Services led the losers with a 1.75 percent decline followed by Holding Firms, 1.005 percent; Industrial, 1.002 percent; Mining and Oil, 0.66 percent; and Property, 0.59 percent.<\/p>\n

Volume for the day reached 966.5 million shares amounting to Php 5.56 billion.<\/p>\n

Losers led gainers at 125 to 67 while 46 shares were unchanged.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA\u2013Britain Prime Minister Theresa May\u2019s call for a snap election in June 2017 fuelled risk aversion in the Philippines\u2019 currency …<\/p>\n","protected":false},"author":33,"featured_media":99084,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,16,95,17],"tags":[18140,18139,18138],"class_list":["post-99083","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-news","category-news-ph","category-news-w","tag-equities-market","tag-philippines-currency","tag-uk-snap-election","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/99083","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=99083"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/99083\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/99084"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=99083"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=99083"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=99083"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}