Peso little changed, stocks decline

MANILA — The Philippine peso ended on Wednesday sideways against the US dollar while the main equities index lost anew still because of trade concerns and additional geopolitical issues.

The local currency finished the day at 51.94 almost unchanged from the previous session’s 51.93, which BPI Research attributed to rising tensions between the North and South Korea.

It opened at 51.92 and traded between 51.87 and 52.01. Average level for the day stood at 51.92.

Volume reached USD969.1 million, lower the day-ago’s USD1.17 billion.

The peso is seen to trade between 51.80 and 52.10 against the greenback on Thursday.

On the other hand, the Philippine Stock Exchange index (PSEi) lost 1.67 percent, or 129.18 points, to 7,610.68 points.

All Shares gave up 1.10 percent, or 51.36 points, to 4,635.68 points.

Industrial posted the highest drop at 1.71 percent, trailed by Financials, 1.69 percent; Property and Services, both at 1.65 percent; Holding Firms, 1.33 percent; and Mining and Oil, 0.59 percent.

Volume reached 453.98 million shares amounting to PHP6.1 billion.

Losers led gainers at 110 to 80, while 46 shares were unchanged. Joann Villanueva /PNA- northboundasia.com