PHP, PSEi welcome 2017 stable

Profit-taking reigned in the local equities market but the Philippine Stock Exchange index (PSEi) and the peso remained firm on the first trading day of 2017.

PSEi rose 0.30 percent, or 20.67 points, to 6,861.31 points, which a trader attributed to the rally later in the session after a weak start.

All shares also improved after it went up by 0.25 percent, or 10.49 points, to 4,166.56 points.

Most of the sectors increased, led by the Mining and Oil with 0.83 percent.

Industrial came in second with 0.67 percent followed by Holding Firms, 0.27 percent; Property, 0.17 percent; and Financials, 0.09 percent.

Only the Services lost with a drop of 0.10 percent.

Volume of trade totaled to 664.21 million amounting to PHP2.68 billion.

Advancers led decliners at 89 to 79 while 42 stocks were unchanged.

The peso was little changed against the greenback after finishing the year's first trading day at 49.77 from 49.72 last December 29, last year's final trading session.

A trader said the US dollar regained its strength after investors took on a wait and see stance ahead of the release of the minutes of the Federal Reserve's meeting last December and the jobs report later this week.

Profit-taking in the local equities market hurt the peso a bit, the trader said.

The local currency opened the year at 49.78, almost unmoved compared with the 49.80 in the previous session.

It traded between 49.82 and 49.76 bringing the day's average to 49.78.

Volume of trade almost doubled from the USD286.99 million at the end of last year to USD414.8 million.

The currency pair is seen to trade between 49.70 and 49.90 Tuesday.

Source: Philippines News Agency