Peso stays firm vs. USD; PSEi slips

MANILA — The Philippine peso ended the week better than the US dollar, unlike the Philippine Stock Exchange index (PSEi), which declined due to growth concerns given the latest economic report offshore.

The local currency finished the trade at 51.135 from 51.24 in the previous session.

Among the factors that weakened sentiments on the greenback is the 1.1 percent contraction in US durable goods orders last September, higher than the 0.7 percent decline in the previous month.

The peso opened the day at 51.25 from the previous day’s 51.00.

It traded between 51.33 and 51.12, resulting in an average of 51.263.

The volume of trades amounted to USD1.4 billion, higher than the USD1.23 billion a day ago.

The currency pair is seen to trade between 51.00 and 51.40 on Monday.

On the other hand, the main equities gauge declined by 0.36 percent, or 28.48 points, to 7,922.50 points, which BPI Research said mirrored the sentiments in the region.

All Shares tracked the PSEi with a drop of 0.27 percent, or 13.13 points, to 4,767.03 points.

Industrial registered the highest decline at 0.63 percent and was followed by Property, 0.62 percent, and Holding Firms, 0.51 percent.

On the other hand, Mining and Oil increased by 0.89 percent, Financials,0.37 percent, and Services, 0.03 percent.

The volume reached 1.39 billion shares amounting to nearly PHP7 billion.

Decliners led advancers at 110 to 75 while 55 shares were unchanged Joann Villanueva/PNA- northboundasia.com