Stocks recover, peso ends week sideways
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)