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Peso, PSEi end Wednesday weaker



Recent rhetoric between the US and North Korea made investors risk-aversed anew Wednesday, weakening of the Philippine peso and the local equities market Wednesday.

The local currency shed PHP 0.13 and closed the day at 50.57 from the previous session’s 50.44.

A trader said exchanges of threats between US and North Korea resulted in foreign selling in the local stocks market, which in turn, affected the currency.

The peso opened the day at 50.58, weaker than the 50.42 in the previous day.

It traded between 50.68 and 50.55 resulting in an average of 50.62.
Volume of trade reached USD631.5 million, higher than the USD457.9 million a day ago.

The currency pair is seen to trade between 50.40 and 50.60 Thursday.

The local equities market tracked the same trend after the Philippine Stock Exchange index (PSEi) lost 0.009 percent, or 0.68 percent, to 7,985.83 points.

Most of the indices tracked the main gauge, led by the broader All Shares, which declined 0.24 percent, or 11.51 points, to 4,723.13 points.

Sectoral indices that finished the day on the red were the Services, 1.22 percent; Industrial, 0.79 percent; Financials, 0.54 percent; Mining and Oil, 0.52 percent; and Property, 0.007 percent.

Only the Holding Firms finished with gains after it went up by 0.52 percent.

Volume for the day reached 1.16 billion shares amounting to PHP 6.93 billion.

Foreign selling amounted to PHP 2.57 billion but this was lower than the PHP2.91 billion foreign buying, resulting in a net foreign buying amounting to PHP342.7 million.

Losers led gainers at 133 to 66 while 45 stocks remained unchanged.

Joann Villanueva / PNA  

Pinoy Gazette Digital Edition