PHP firm vs. USD amid profit taking, PSEi down

MANILA- The Philippine peso closed better against the greenback Tuesday amid profit taking but the Philippine Stock Exchange index' (PSEi) ended its three-day rally.

The local currency finished the day at 50.27 from 50.39 Monday, which a trader said tracked outcomes in the region.

The trader said investors booked gains, especially with domestic inflation registering another uptick last February to 3.3 percent from month-ago's 2.7 percent.

The increase in inflation rate prompted investors to hope for a hike in the Bangko Sentral ng Pilipinas (BSP) rate later this year, the trader said.

These factors resulted in a more positive opening for the peso during the day at 50.34 from 50.40 in the previous session.

It traded between 50.37 and 50.27, bringing the day's average to 50.31.

Volume of trade reached USD481.5 million, higher than the USD352.2 million.

The currency pair is seen to trade between 50.20 and 50.40 Wednesday.

The PSEi ended the day at 7,294.52 points, down 0.27 percent or 19.35 points.

All Shares followed with a 0.33 percent, or 14.56 points, to 4,400.57 points.

Most of the sectors also finished the day on the red, led by the Property with 1.08 percent drop.

Holding Firms, Mining and Oil, and Industrial trailed with declines of 0.72 percent, 0.62 percent, and 0.07 percent, respectively.

Financials and Services gained 1.13 percent and 0.10 percent, respectively.

Volume for the day involved 1.77 billion shares amounting to Php 8.4 billion.

Losers led gainers at 109 to 82 while 40 shares were unchanged.

Source: Philippines News Agency