Stocks up, peso down ahead of US-China trade pact signing

The country's main equities gauge ended Tuesday on a positive note but the peso weakened against the US dollar, ahead of the scheduled signing of the first phase of the US-China trade deal on January 15.

The Philippine Stock Exchange index (PSEi) gained 0.21 percent, or 16.48 points, to 7,793.25 points, which BPI Research traced to profit-taking.

All Shares barely changed at 4,605.97 points, up 0.02 percent or 0.80 points.

It was mixed among the sectors with Industrial, Services, and Financials gaining 1.80 percent, 1.44 percent, and 0.50 percent, respectively.

Mining and Oil dropped by 1.93 percent and was trailed by Property, 1.09 percent; and Holding Firms, 0.18 percent.

Volume reached 831.82 million shares amounting to PHP9.88 billion.

Losers led gainers at 111 to 83, while 54 shares were unchanged.

The local currency, on the other hand, ended the day at 50.581 to a dollar, weaker than its 50.66 finish last January 10.

There was no trading on Monday after work in government and classes in all public schools were suspended to protect the people from harm caused by the Taal Volcano eruption.

It opened the day at 50.4 and traded between 50.63 and 50.37. The average level for the day stood at 50.512.

Volume totaled to USD1.408 billion, higher than the USD1.15 billion in the previous session.

Source: Philippines News Agency

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