Peso strengthens, stocks decline ahead of holidays

The peso gained against the US dollar on Wednesday but the Philippine Stock Exchange index (PSEi) ended the shortened trading week in negative territory.

There will be no trading on Maundy Thursday and Good Friday, April 9-10, as these were declared as national holidays.

The peso ended the week at 50.585 to the dollar, up from its 50.68 close on Tuesday.

It opened the day at 50.60, sideways from its 50.65 start in the previous session, trading between 50.695 and 50.58, and averaging 50.642.

Volume totaled USD521 million, higher than USD455.9 million a day ago.

On the other hand, the main equities gauge slipped by 2.46 percent, or 139.18 points, to 5,510.83 points after a three-day rally.

All Shares followed after it fell 1.79 percent, or 60.61 points, to 3,332.44 points.

Trailing behind were most sectoral indices, led by the Property, which declined by 4.61 percent.

Financials dropped by 3.43 percent; Holding Firms, 1.58 percent; Services, 1.36 percent; and Mining and Oil, 0.85 percent.

Only the Industrial index gained during the day after it rose 0.34 percent.

Volume totaled 490.73 million shares amounting to PHP5.95 billion.

Losers surpassed gainers at 102 to 88, while 37 shares were unchanged.

“Investors sold ahead of the long weekend as news of an additional USD1-trillion stimulus from the US was priced in the day before,” Regina Capital managing director Luis Limlingan said.

He cited the continued rise of coronavirus disease 2019 (Covid-19) cases around the globe and the decision by some European governments to ease movement restrictions as the growth of cases in some areas show lower figures.

Source: Philippines News Agency

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