PHP firm, profit-taking pulls down PSEi
MANILA (Philippines News Agency) – – US dollar’s strength waned Tuesday as markets reacted to US president Donald Trump’s executive order on travel bans, which in turn supported the Philippine peso but not the local bourse.
The peso finished the day at 49.77 from day-ago’s 49.82, which a trader also traced to Trump’s decision to sack US attorney general Sally Yates after she announced that she will not defend the EO and ordered justice department lawyers not to enforce it.
It started the day little changed at 49.77 from 49.88 Monday.
It ranged between 49.78 and 49.73 bringing the day’s average to 49.75.
Volume of trade reached USD408 million, higher than the USD246.2 million a day ago.
The peso is seen to trade between 49.70 and 49.90 Wednesday.
On the other hand, the local bourse succumbed to profit-taking after a three-day rally with the Philippine Stock Exchange index (PSEi) down 1.46 percent, or 107.05 points, to 7,229.66 points.
All Shares fell 1.08 percent, or 47.87 points, to 4,367.81 points.
All the sectors followed suit led by the Services, which fell 1.58 percent.
Industrial contracted by 1.42 percent, Financials and Holding Firms both fell 1.30 percent, Property declined by 0.99 percent and Mining and Oil by 0.77 percent.
Some 1.55 billion shares, amounting to Php 5.3 billion, churned during the day.
Losers led gainers at 126 to 66 while 43 shares were unchanged. (PNA)