Peso, stocks end week little changed

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Peso, stocks end week little changed
By Joann Villanueva

MANILA (Philippines News Agency) — Investors took a wait-and-see stance ahead of Federal Chairman Jerome Powell’s Jackson Hole meeting speech resulting in the sideways close of the peso and Philippine Stock Exchange index (PSEi) on Friday.

The local unit finished the week at 52.27, little changed from the 52.255 close a day ago, which BPI Research attributed to investors’ decision to wait for Powell’s remarks during the ongoing annual symposium in Wyoming.

It noted that Kansas City Federal President Esther George and Philadelphia Federal President Patrick Harker had indicated their preference to keep the current policy rates while Dallas Federal President Robert Kaplan was open for more rate cuts.

It, however, said the local currency ended little changed against the greenback after “market players opted to wait for Fed Chair Powell’s remarks.”

The local unit opened weaker at 52.34, compared to its 52.25 start in the previous day.

It traded between 52.37 and 52.27, bringing the average to 52.326.

Volume reached USD1.21 billion from USD1.27 billion a day ago.

The currency pair is seen to trade between 52.10 and 52.60 Tuesday next week. There will be no trading on August 26 due to the commemoration of National Heroes’ Day, a national holiday.

Similarly, the local equities gauge finished the week lower by 0.05 percent, or 3.81 points, to 7,845.02 points.

All Shares registered the same rate of decline of 0.05 percent, or 2.58 points, to 4,754.57 points.

Most of the sectors ended on a positive note, led by the Financials with 0.19 percent followed by Holding Firms, 0.08 percent; and Industrial and Services, which both rose by 0.03 percent.

On the other hand, Mining and Oil declined by 1.96 percent and Property, by 0.82 percent.

Volume was thin at 610.94 million shares amounting to PHP4.58 billion.

Losers led gainers at 133 to 69, while 34 shares were unchanged. (PNA)

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