PHP stays firm vs. USD; PSEi down anew

MANILA- - The Philippine peso remained firm against the greenback Tuesday but the Philippine Stock Exchange index (PSEi) bowed down on worries on the policies that the Trump administration will implement.

The local unit finished Tuesday at 49.81 from 49.87 Monday, which a trader attributed to sliding US Treasury yields.

Comments by incoming US Treasury Secretary Steven Mnuchin about the dollar being "too strong" hurt the greenback to the advantage of the peso, the trader said.

For the day, the peso opened at 49.80 from 49.85 a day ago.

It traded between 49.84 and 49.78 bringing the day's average to 49.81.

Volume of trade reached USD624.9 million, higher than the previous day's USD513 million.

The currency pair is seen to trade between 49.80 and 50.00 Wednesday.

On the other hand, the PSEi fell for the second day in a row after it contracted by 0.05 percent, or 3.70 points, to 7,370.65 points.

However, All Shares rose 0.03 percent, or 1.16 points, to 4,427.30 points.

Most of the sectors posted gains led by the Services with 1.14 percent rise followed by Mining and Oil, 0.62 percent; Holding Firms, 0.31 percent; and Industrial, 0.02 percent;

Property and Financials, meanwhile, contracted by 0.97 percent and 0.16 percent, respectively.

Shares churned in for the day reached 1.24 billion amounting to Php 7.89 billion.

Gainers led losers at 97 to 86 while 49 shares were unchanged. (PNA)

Source: Philippines News Agency