PSEi, PHP weaken further on EU political situations, BSP policy meeting

MANILA- After a few days of run-up, profit-taking caused the further decline of the Philippine Stock Exchange index (PSEi) on Wednesday, which in turn, affected the peso.

The PSEi shed 0.36 percent, or 27.82 points, to 7,234.82 points, which a trader also traced to investors' cautious stance ahead of the meeting of the Bangko Sentral ng Pilipinas' (BSP) policy-making Monetary Board (MB) Thursday.

All Shares followed the main index after it went down by 0.14 percent, or 6.22 points, to 4,379.55 points.

Most of the sectors also ended the day on the red, led by Property with a drop of 1.05 percent. Services fell one percent, Financials, 0.61 percent, and Industrial, 0.59 percent

On the other hand, Holding Firms and Mining and Oil rose by 0.65 percent and 0.54 percent, respectively.

The day's turnout covered 5.14 billion shares amounting to Php 6.5 billion.

Losers led gainers at 99 to 93 while 46 shares were unchanged.

Similarly, the peso ended the day at 49.87, weaker than the 49.78 a day ago.

A trader said political developments in Europe are affecting investors' sentiment, thus, the preference for the safe haven.

The peso's weakness showed early on when it started the day at 49.83 from the 49.70 Tuesday.

It traded between its closing level and 49.75, resulting an average of 49.82.

Volume of trade reached USD 528 million, lower than the USD 548 million Tuesday.

The currency pair is seen to trade between 49.70 and 49.90 Thursday. (PNA)

Source: Philippines News Agency

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