Peso recovers as PSEi sustains rise

MANILA-- Philippines' main stocks gauge rose for the third straight day Friday while the peso ended its slide due to profit-taking.

The Philippines Stock Exchange index (PSEi) ended with gains, although flat with only 0.01-percent, or 1.02 points, increase to 7,889.33 points.

It was a mix results for the other indices, with the broader All Shares down 0.04 percent, or 1.73 points, to 4,735.12 points.

Half of the sectors finished with increases namely the Financials, 0.66 percent; Services, 0.27 percent; and Property, 0.11 percent.

On the other hand, the Holding Firms, Mining and Oil, and Industrial declined by 0.34 percent, 0.14 percent, and 0.07 percent, respectively.

Total volume reached 2.03 billion shares amounting to PHP6.9 billion.

Losers led gainers at 104 to 102 while 46 shares remained unchanged.

The local currency finished the week at 50.58, slightly better than its nearly 11-year low of 50.67 to a greenback.

A trader pointed this to investors taking advantage of the recent US dollar rally on expectations of continued normalization of Fed rates.

Another factor is investors decision to stay at the sidelines ahead of the release later in the day of the June 2017 nonfarm payrolls report, the trader said.

The peso opened the day weaker at 50.64 from 50.53 a day ago.

It traded between 50.54 and 50.68 resulting in an average of 50.60.

Volume reached USD514.7 million, higher than the previous session's USD429.9 million.

The currency pair is seen to trade between 50.40 and 50.70 next week.

Source: Philippines News Agency