Stocks re­cover, peso ends week side­ways

Sun.Star Pampanga - - BUSINESS! -

MANILA -- Philippines’main eq­ui­ties gauge ended the week on a pos­i­tive note but the peso fin­ished the trade side­ways as in­vestors re­main jit­tery as they await the even­tual out­come of the US-China trade talks and de­vel­op­ments on the Bri­tish exit (Brexit).

A day af­ter an­other fall, the Philip­pine Stock Ex­change in­dex (PSEi) re­cov­ered by 0.62 per­cent, or 47.86 points, to 7,798.28 points.

All the other coun­ters ended with gains, with the broader All Shares up by 0.59 per­cent, or 28.02 points, to 4,813.03 points.

Prop­erty posted the high­est in­crease at 1.72 per­cent and was fol­lowed by the Min­ing and Oil, 0.69 per­cent; Fi­nan­cials, 0.48 per­cent; Ser­vices, 0.44 per­cent; In­dus­trial, 0.04 per­cent; and Hold­ing Firms, 0.02 per­cent.

Vol­ume reached 1.38 bil­lion shares with value surg­ing to PHP20.8 bil­lion.

Gain­ers led losers at 103 to 88; while 41 shares were un­changed.

BPI Re­search cited news about the pos­si­ble de­lay of the meet­ing be­tween US Pres­i­dent Don­ald Trump and China Pres­i­dent Xi Jin­ping to at least April in­stead of late March as a fac­tor that made some in­vestors weary during the day.

An­other con­trib­u­tor is the de­vel­op­ments on the Brexit af­ter the United Kingdom (UK) Par­lia­ment voted to re­quest the ex­ten­sion of the March 29 exit to June 30.

The re­quest was made a day af­ter the Par­lia­ment thumbed down a no-deal exit of the UK from the Euro­pean Union (EU).

With this, the lo­cal cur­rency fin­ished the week at 52.65 from 52.6 close against the US dollar Thurs­day.

BPI Re­search said slower out­look by Philip­pine eco­nomic man­agers on the do­mes­tic econ­omy for this year and mid-month cor­po­rate US dollar de­mand also con­tributed to the peso’s side­ways close Fr i d ay.

The peso opened on a de­pre­ci­ated level for the day at 52.64 from the pre­vi­ous day’s 52.5.

It traded be­tween 52.75 and 52.62, re­sult­ing to an av­er­age of 52.689.

Vol­ume amounted to USD976.4 mil­lion, lower than the USD1.2 bil­lion Thurs­day.

The cur­rency pair is seen to trade be­tween 52.55 and 52.75 on Mon­day. (PNA)

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