PHP stays solid, PSEi down anew

MANILA- The Philippine peso remained resilient amid concerns on the impact of policies of US President Donald Trump but the local equities market succumbed to profit-taking.

The local currency finished Wednesday at 49.82 against the greenback, five-centavo depreciation from 49.77 finish Tuesday.

A trader said the peso failed to track the regional rally because of profit-taking in the local bourse.

The Philippine peso opened the day at 49.70 from the previous day's 49.77.

It traded between its opening level and 49.83, resulting an average of 49.78.

Volume of trade reached USD 386.2 million, lower than the previous day's USD408 million.

The currency pair is projected to range between 49.70 and 49.90 Thursday and the trader said this would depend partly on the decision of the Federal Reserve after its policy meeting later in the day.

On the other hand, the Philippine Stock Exchange index (PSEi) declined for the second consecutive day after contracting 0.03 percent, or 2.21 points, to 7,227.45 points Wednesday.

All Shares, meanwhile, rose 0.04 percent, or 1.70 points, to 4,369.51 points.

A balanced mix among the sectors was registered with Mining and Oil rising the highest with 0.61 percent followed by Holding Firms, 0.56 percent, and Industrial, 0.20 percent.

Those that ended with losses are Services, 0.75 percent; Property, 0.47 percent; and Financials, 0.38 percent.

Total volume involved 1.1 billion shares amounting to Php 5.1 billion.

Gainers led losers at 96 to 83 while 54 shares were unchanged. (PNA)

Source: Philippines News Agency

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