PHP up on investors disappointment on Trump's presscon, PSEi down
MANILA, Jan. 12 (PNA) -- The Philippine peso improved against the greenback Thursday but the local stock market ended on the red on investors’ disappointment on the first press conference of US president-elect Donald Trump.
The local currency gained PHP0.14 and finished the day at 49.48 from 49.62 Wednesday, which a trader said is in line with counterparts in the region.
Investors were disappointed on Trump’s press conference because he was not able to elaborate his trade and tax cuts policies, the trader said.
The peso opened the day’s session almost unchanged at 49.54 from 49.55 in the previous day.
It ranged between its closing level and 49.59, thus, the 49.53 average for the day.
Volume of trade reached USD588.7 million, higher than the USD529.9 million Wednesday.
The currency pair is forecast to stay between 49.50 and 49.70 Friday.
The Philippine Stock Exchange index (PSEi) slid for the second consecutive day this year to 7,264.55 points, down 57.27 points or 0.78 percent from the previous day.
All Shares followed with a 0.64 percent, or 28.29 points drop, to 4,379.98 points.
This trend was mirrored by the sectors, with Services leading the pack with 2.11 percent decline followed by Property, which fell 1.44 percent.
Financials gave up 0.34 percent; Holding Firms, 0.30 percent, Mining and Oil, 0.23 percent; and Industrial, 0.10 pe
Some 2.68 billion shares worth PHP5.95 billion were traded during the day.
Losers led gainers at 113 to 69 while 61 stocks were unchanged. (PNA)
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