PSEi regains footing

MANILA -- The Philippine Stock Exchange index (PSEi) recovered while the peso weakened against the greenback

PSEi rose 0.38 percent, or 28.85 points, to 7,730.45 points, which a trader pointed to news reports saying the first phase of the US-China trade pact is a done deal.

All Shares were, on the other hand, little changed with a rise of 0.03 percent, or 1.17 points, to 4,583.06 points.

It was a balance among the sectors with Services, Industrial, and Holding Firms up by 1.56 percent, 0.45 percent, and 0.29 percent, respectively.

On the other hand, Mining and Oil declined by 1.02 percent along with Financials, 0.44 percent; and Property, 0.31 percent.

Volume hit 2.71 billion shares amounting to PHP10.4 billion.

Losers surpassed gainers at 138 to 51 while 52 shares were unchanged.

Meanwhile, the local currency finished the trade at 50.58, weaker than its 50.635 close a day ago.

A trader said investors remain on a wait-and-see stance on developments on the US-China trade deal pending the signing of the official documents.

With this, the local currency opened the day at 50.6, sideways from its 50.65 start in the previous session.

It traded between 50.625 and 50.58, resulting in an average of 50.607.

Volume totaled to USD670.14 million, higher than the USD502 million in the previous session.

The currency pair is seen to trade between 50.60 and 50.80 on Wednesday. (PNA)