PHP finishes week stable vs. USD, PSEi on the red

MANILA, March 31 (PNA) -- The Philippine peso finished the week sideways against the greenback, boosted by end of the month exporters' flows, but the Philippine Stock Exchange index (PSEi) contracted in line with the region.

The local currency finished the day at 50.16 from 50.20 Thursday, which a trader said was also supported by seasonal remittance inflows as the school year ends.

The US government reported the third estimate of US gross domestic product (GDP) growth in the last quarter of 2016 at 2.1 percent, higher than the 1.9 percent in the second estimate.

However, the trader said this report did not dampen market sentiment since improvement of the US economy has been priced in.

For the day, the local currency opened at 50.24 from the previous session's 50.20.

It improved to 50.16 but also touched 50.26 resulting to an average of 50.21.

Volume of trade amounted to USD483.1 million, higher than the previous day's USD320.5 million.

The currency pair is seen to trade between 50.10 and 50.40 next week.

With the additional positive economic report from the US, investors shed some of their local stock holdings that resulted to the continued see-saw session for the domestic stock market, with the main index down by 0.29 percent, or 20.87 to 7,311.72 points after recovering Thursday.

A trader said the local equities market tracked outputs in the region as investors continue to mull on the next increase in the Federal Reserve rates, especially with the better US growth figure reported for the last quarter of 2016.

With this, All Shares also finished on the red with a drop of 0.27 percent, or 11.94 points, to 4,399.71 points.

Most of the sectors tracked the PSEi with Property leading the pack after it fell 1.07 percent.

Holding Firms shed 0.59 percent; Mining and Oil, 0.47 percent, Financials, 0.20 percent; and Industrial, 0.12 percent.

Services is the only one that registered gains after it rose 1.32 percent.

Total volume for the day reached one billion amounting to PHP9.2 billion.

Some 102 shares declined while 86 stocks advanced. About 42 share, on the other hand, did not move. (PNA)

Source; Philippines News Agency

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