Peso stays solid, PSEI on its 4th-day rally

Investors decision to load up on dollars ahead of the release of US' non-farm payroll report for December 2016 resulted in the sideways close of the Philippine peso Friday while the equities market sustained rally since 2017 started.

The peso finished the week at 49.52 from the more-than-a-month high of 49.46, which a trader said transpired after a directional trading and a strong performance in the morning session.

US' non-farm payrolls report for December 2016 will be released late Friday (Manila time).

The trader said that US' services sector posted a one-year high of 57.2 last December against projections of 56.6.

This helped prop up the greenback even after a strong start for the local currency at 49.36 from 49.55 Thursday.

The peso's opening level was its strongest for the day but it also dipped to 49.54 mid-trade. Average level for the day stood at 49.46.

Volume of trade reached USD537 million, lower than the previous session's USD879 million.

The currency pair is seen to trade between 49.30 and 49.80 next week.

The Philippine Stock Exchange index (PSEi) sustained its rally for the fourth consecutive day since the start of the year. It gained 0.54 percent, or 38.76 points, to 7,248.20 points.

All Shares rose 0.39 percent, or 17.03 points, to 4,353.80 points.

Most of the sectoral indices followed suit with the Services leading at 1.17 percent.

Property was up by 0.89 percent, Holding Firms by 0.55 percent, Financials by 0.44 percent, and Industrial by 0.002 percent.

On the other hand, Mining and Oil contracted by 0.32 percent.

Volume of trade involved a total of 1.52 billion shares amounting to Php 8.6 billion.

It was an equal results for the gainers and losers at 101 each while 35 stocks were unchanged.

Source: Philippines News Agency