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Philippine peso, PSEi post gains in line with counterparts in region

InterAksyon.com means BUSINESS

MANILA, Philippines - Both the Philippine peso and the local bourse ended Tuesday with gains, in line with counterparts in the region.

The local currency strengthened by P0.11 after it finished the trade at P49.50 from P49.62 a day ago, which a trader said was generally the theme in the region for the day partly because of lower oil prices.

It started the day at P49.58, little moved from the P49.61 Monday.

It traded between P49.61 and P49.47, resulting in an average of P49.54.

Volume of trade reached $669.5 million, higher than the $405.3 million in the previous session.

The trader expects the currency pair to range between P49.40 and P49.60 Wednesday.

The Philippine Stock Exchange index (PSEi) inched up by 1.21 percent, or 88 points, to 7,364.34 points during the day.

A trader said the local equities market remained firm despite some difficulties in some countries in the region following the same trend in US equities.

All Shares gained 1.17 percent, or 50.98 points, to 4,417.13 points.

Services led the sectors with 2.12 percent increase followed by Property, 1.74 percent; Mining and Oil, 1.60 points; Industrial, 1.004 percent; Holding Firms, 0.81 percent; and Financials, 0.40 percent.

Volume of trade totaled to 5.61 billion shares amounting to P8.95 billion.

Gainers led losers at 129 to 74 while 41 stocks were unchanged. 

 

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