Peso stays afloat, stocks slid


Geopolitical concerns on the Middle East continue to worry investors, resulting in the weakness of Philippine equities index but the peso was able to stay firm against the US dollar.

The local currency finished the week's first trading day at 50.93 from 51.09 close at the end of last week, which a trader pointed to the local unit's resiliency despite investors' risk-off sentiments.

It opened the day weaker at 51.08 compared to its 50.65 start in the previous session.

It improved to as much as 50.92 but also dipped to 51.32, bringing the day's average to 51.161.

Volume totaled to USD1.58 billion, lower than the nearly USD1.6 billion last Friday.

The currency pair is seen to trade between 50.90 and 51.10 on Tuesday.

On the other hand, the Philippine Stock Exchange index (PSEi) shed 0.53 percent, or 41.92 points, to 7,797.87 points.

All Shares followed with a 0.48-percent, or 22.21 points, decline to 4,633.33 points.

Most of the sectoral indices also ended on the red, led by the Property with 1.21 percent drop. It was trailed by the Industrial, 0.97 percent; Financials, 0.50 percent; Services, 0.27 percent; and Holding Firms, 0.06 percent.

Only the Mining and Oil finished the day with gains after rising by 0.34 percent.

Volume for the day totaled to 664.04 million shares amounting to PHP4.1 billion.

Losers surpassed gainers at 114 to 80, while 45 shares were unchanged.

Source: Philippines News Agency