PSEi, PHP steady amid Trump EOs, US GDP print

MANILA- - Both the Philippine Stock Exchange index (PSEi) and the peso finished Monday little changed on weaker-than-expected output of the US economy in the last quarter of 2016.

PSEi rose 0.04 percent, or 3.04 percent, to 7,336.71 points, which a trader pointed to combination of profit taking in the early session and the impact of US President Donald Trump's executive order banning entry in the US of citizens from Iraq, Syria, Iran, Libya, Somalia, Sudan, and Yemen.

All Shares was almost flat with a 0.02 percent, or 0.78 points, rise to 4,415.68 points.

Most of the sectors ended on the red but two managed to post increases and these are the Financials and Property, which rose 0.58 percent and 0.54 percent, respectively.

Holding Firms lost 0.39 percent, Industrial, 0.31 percent; Mining and Oil, 0.19 percent; and Services, 0.02 percent.

Total volume reached 1.66 billion shares amounting to Php 4 billion.

Decliners led Advancers at 94 to 89 while 44 shares were unchanged.

The peso ended the day at 49.82 from 49.85 Friday last week, which a trader attributed to weakness of the greenback following the decline of the US gross domestic product (GDP) in the last quarter of 2016 to 1.9 percent from expectations of about 2.2 percent and the 3.5 percent result in the previous quarter.

The trader said foreign buying in the local stocks markets led the peso some support.

For the day, the local currency opened at 49.80 from 49.85 in the previous session.

It traded between a close range of 49.84 and 49.80 resulting to a 49.81 finish.

Volume of trade reached USD246.2 million, lower than the USD485.6 million Friday last week.

The currency pair is seen to trade between 49.70 and 49.90 Tuesday as markets await the results f the policy meetings of the Bank of Japan (BOJ) and the Federal Reserve this week, among others. (PNA)

Source: Philippines News Agency