Philippines

Peso ends sideways, stocks slip

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Peso ends sideways, stocks slip
By Joann Villanueva

MANILA (Philippines News Agency) — The Philippine peso ended Tuesday sideways against the US dollar but the main stocks gauge slipped due to profit-taking.

The local currency ended the day at 52.29 from 52.31 a day ago, which a trader attributed to US government’s decision to give Huawei a 90-day leeway to buy supplies from US companies.

It opened the day at 52.37, almost unchanged from the 52.35 a day ago.

It traded between 52.45 and 52.29, resulting in an average of 52.394.

Volume reached nearly USD1.13 billion from USD1.07 billion a day ago.

The currency pair is seen to trade between 52.30 and 52.50 on Thursday.

There will be no trading on Wednesday, a national holiday in observance of the Ninoy Aquino Day.

On the other hand, the Philippine Stocks Exchange index (PSEi) fell 0.65 percent, or 51.44 points, to 7.886.91 points.

All Shares declined by 0.30 percent, or 14.13 points, to 4,783.08 points.

Only the Property index ended the day with gains after rising 1.03 percent.

On the other hand, Industrial posted the highest decline at 1.57 percent which was followed by the Financials, 1.17 percent; Mining and Oil, 0.91 percent; Holding Firms, 0.76 percent; and Services, 0.63 percent.

Volume reached 643.94 million shares amounting to PHP5.4 billion.

Losers led gainers at 117 to 77, while 59 shares were unchanged. (PNA)

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