Peso, PSEi stengthen ahead of holidays

MANILA-- Phillipine currency and stock market strengthened on Wednesday ahead of holidays.

Peso finished the day's trading at Php 49.43 to a US dollar, gaining 21centavos from last day's closing of Php 49.64.

"No compelling data for Wednesday's closing. It's just continuation of conversion ahead of the long weekend," a bank trader said.

Peso returned to Php 49-level against a dollar on Monday after hovering Php 50-to-a-dollar range since Feb. 21.

The currency pair traded between Php 49.40 and Php 49.70, bringing the average level for the day at Php 49.53.

Total volume of trade hit USD788 million on Wednesday from USD577 million in the previous day.

Meanwhile, the Philippine Stock Exchange index (PSEi) also closed Wednesday with 0.37 percent, or 28.24 points growth ending Wednesday's trading at 7,629.64 points.

All shares improved 0.44 percent or 19.77 points to 4,5562.69.

Sectors of industrials, holding firms, and property were in the green territory, while financials, services, and mining and oil ended in the red.

Advancers outnumbered decliners at 113 to 63, with 60 closed this week's trade unchanged.

Total value of trade on Wednesday amounted to Php6.19 billion.

Source: Philippines News Agency