PSEi higher, peso weaker as trading week closes

PSEi higher, peso weaker as trading week closes

- in Economy
Finance Secretary Carlos Dominguez III said the impending end of the drawn-out conflict in Marawi City will further boost investor confidence in the economy
By Joann Villanueva, PNA

MANILA – The Philippine Stock Exchange index (PSEi) managed to end the week up amid risk aversion by investors but the peso went back to the 52-level in the wake of international trade issues.

PSEi ended the week up 0.30 percent, or 24.12 points, to 7,983.98 points.

BPI Research said the main gauge was weak in the morning session but recovered in the afternoon, and finished the day on a high note.

The improvement was attributed to the statement of People’s Bank of China (PBOC) Governor Yi Gang that they have a huge room to adjust monetary policy should the US-China trade differences worsens.

All Shares also finished on positive note after a 0.12 percent, or 5.92 points, to 4,890.79 points.

It was a balance between the sectors after Financials, Services, and Holding Firms rose 0.82 percent, 0.37 percent, and 0.25 percent, respectively.

Mining and Oil, on the other hand, declined by 0.55 percent, Industrial by 0.12 percent, and Property by 0.05 percent.

Volume reached 801.2 million shares amounting to PHP4.2 billion shares.

Gainers led losers as 103 to 86 while 48 shares were unchanged.

The local currency weakened to 52.04 from 51.74 finish Thursday.

BPI Research likewise attributed this to the statement of the PBOC Governor.

For the day, the peso opened the day at 51.68, a tad better than the 51.76 a day ago.

It traded between 51.66 and 52.04, resulting to an average of 51.758.

Volume amounted to USD983.99 million, higher than the USD714.4 million in the previous session.

The currency pair is seen to trade between 51.80 and 52.20 on Monday. (PNA)

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