PHP stays firm, PSEi down ahead of Trump’s State of the Union Address

MANILA - - Profit-taking remained the rule of the game Tuesday with the Philippine peso registering some firmness but not the local equities, with most of the indices down ahead of US President Donald Trump's speech before Congress later in the day.

The local currency finished the day at 50.21, a bit better than the fresh 10-year low of 50.27 Monday.

A trader said investors booked profit on concerns from any surprises on what Trump would discuss in his speech.

The trader said markets were still awaiting specifics on the new US government's fiscal program, among others.

The local unit opened the day at 50.30, sideways from the 50.24 Monday and traded between its opening and closing levels.

Volume of trade amounted to USD389.8 million, higher than the USD366.6 million in the previous session.

The peso is seen to trade between 50.10 and 50.30 Wednesday.

On the other hand, the Philippine Stock Exchange index (PSEi) shed 0.28 percent, or 20.38 points, to 7,212.09 points.

All Shares followed with a 0.36 percent, or 15.97 points, to 4,368.38 points.

Financials led the losers after it fell 1.33 percent followed by Industrial, 0.90 percent; Property, 0.71 percent; and Mining and Oil, 0.02 percent.

Services and Holding Firms, meanwhile, rose by 1.40 percent and 0.09 percent, respectively.

Volume of trade involved a total of 2.28 billion shares amounting to Php 7 billion.

Decliners surpassed advancers at 116 to 62 while 56 shares were unchanged. (PNA)

Source: Philippines News Agency

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