PHP stays firm vs. USD; PSEi down

MANILA - The Philippine peso ended Wednesday almost unchanged against the US dollar but the main stocks index finished on the red as investors turn their attention to other reforms promised by US President Donald Trump.

This, even as markets were downhearted by the failure of US lawmakers to get the needed votes to start a move to abolish the Obama administration's health care program.

The local currency finished the trade at 50.185 from 50.180 Tuesday, which a trader pointed to investors decision to hope for positive results on the other reforms promised by Trump.

It opened the day at 50.24, sideways from the 50.16 a day ago.

It traded between a narrow range of 50.24 and 50.18 resulting to an average of 50.22.

Volume of trade reached USD441.4 million, higher than the USD393.4 million Tuesday.

The trader expects the peso to trade between 50.10 and 50.30 against the US currency Thursday.

The Philippine Stock Exchange index (PSEi, on the other hand, shed 0.10 percent, or 7.46 points, to 7,324.00 points.

All Shares followed with a 0.16 percent, or 6.91 points, to 4,404.30 points.

Most of the sectors tracked the main index led by the Financials, which fell 0.60 percent.

Industrial fell 0.30 percent, Mining and Oil by 0.46 percent, and Property by 0.18 percent.

Holding Firms and Services moved the other way after these rose by 0.33 percent and 0.20 percent, respectively.

Volume for the day totaled to 2.37 billion shares amounting to Php 14.3 billion.

Losers led gainers at 107 to 79 while 46 shares were unchanged.

Source: Philippines News Agency

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