PHP, PSEi down on foreign selling

The Philippine peso closed Monday sideways against the greenback due partly to the sell-off in the local stocks market.

It closed the week's first trading day at 49.96 from 49.92 Friday last week.

A trader traced this to investors' wait-and-see stance ahead of the Dec. 19 speech of Federal Reserve chair Janet Yellen at the University of Baltimore 2016 mid-year commencement.

The trader said investors were still waiting for more statements from the Fed after the rate hike last December 14.

For the day, the local currency opened the trade at 49.88, better than the 49.95 in the previous session.

It traded between its opening level and 49.97, bringing the day's average to 49.93.

Volume of trade reached USD310.6 million, lower than the USD347.2 million Friday last week.

The currency pair is seen to trade between 49.80 and 50.00 Tuesday.

The Philippine Stock Exchange index (PSEi) lost 1.99 percent, or 136.58 points, to 6,714.13 points.

All Shares shed 1.44 percent, or 59.77 points, to 4,099.65 points.

Only the Services index registered gains with an 0.11 percent jump.

Financials led the sectors that finished the day on the red with a three percent contraction followed by the Property with 2.84 percent drop.

Holding Firms shed 1.58 percent, Industrial, 1.30 percent; and Mining and Oil, 0.78 percent.

Volume of trade amounted to Php 5.79 billion involving 1.17 billion shares.

Losers led gainers at 135 to 61 while 33 stocks were unchanged.

Source: Philippines News Agency

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