MANILA (Philippines News Agency) — The Philippines’ stock market and currency moved in line with the regional recovery amid continued profit taking on Wednesday.
The peso finished the day at 49.86, almost unchanged from the 49.85 a day ago, which a trader attributed partly to consolidation.
Demand for the dollar remains as buyers are taking advantage of the peso’s weakness but since there was general improvement in the region, the peso moved between a close range, the trader said.
“Recovery in the stock market helped contain the peso depreciation,” the trader said.
The local unit opened the day little changed at 49.82 from the previous session’s 49.79.
Its opening level was the currency’s strongest for the day while the weakest was 49.94, resulting to an average of 49.90.
Volume of trade amounted to USD360.5 million, lower than the USD520 million on Tuesday.
The trader expects the currency pair to trade between 49.75 and 49.95 on Thursday, but weaker if reports on new home sales and jobless reports, among others, that will be released later in the day in the United States will be positive.
The Philippine Stock Exchange index (PSEi) gained 0.50 percent, or 33.91 points, to 6,836.64 points and the All Shares was up by 0.26 percent.
There was mixed close for the sectoral indices, but at a balanced of three each.
The Services sector index went up by 1.87 percent, the Holding Firms by 1.52 percent, and the Mining and Oil, 0.86 percent.
On the other hand, the Financials, Property, and Industrial lost 1.11 percent, 0.77 percent, and 0.32 percent, respectively.
Trades reached 1.03 billion shares amounting to PHP6.67 billion.
Decliners surpassed advancers at 110 to 71 while 38 stocks were unchanged. (PNA)