PSEi ends five-day slide, PHP remains intact

MANILA-- US President-elect Donald Trump's comment that the greenback is "too strong" ended the Philippine Stock Exchange index's (PSEI) five straight days of decline, as the peso finished little changed to the dollar.

PSEi's slide posted a halt Wednesday after it rose 0.46 percent, or 33.03 points, to 7,156.36 points.

Most of the counters tracked the main index, with All Shares up by 0.39 percent, or 16.93 points, to 4,321.58 points.

Services led the sectors with a 1.41 percent increase, followed by Property, 0.74 percent; Mining and Oil, 0.68 percent; Financials, 0.42 percent; and Holding Firms, 0.39 percent.

Industrial was the day's sole loser after it fell 0.37 percent.

Total volume of trade reached 1.53 billion shares, amounting to PHP4.98 billion.

It was a close fight between the advancers and decliners at 86 to 85 while 55 stocks were unchanged.

The local currency finished the day at 49.79 from Tuesday's 49.83, which according to a trader benefited from Trump's comment that the dollar is strong because of China's manipulation to ensure that the yuan becomes artificially weak.

The Brexit speech of Britain Prime Minister Theresa May, who vowed new trade deals with the country's partners, was taken negatively by markets, the trader added.

The peso opened the day better at 49.75 from the previous session's 49.97.

It traded between 49.71 and 49.82, resulting in an average of 49.76 for the day.

Volume of trade reached USD557 million, lower than the day-ago's USD732.3 million.

The peso is seen to trade between 49.70 and 49.90 to the dollar Thursday. (PNA)

Source: Philippines News Agency