PHP, PSEi gain on greenback selloff

MANILA-- Both the Philippine peso and the equities market gained Friday following a selloff of the greenback after US President Donald Trump reportedly had ordered air strikes in response to the chemical weapons attack of Bashar Al-Asad-backed troops in Syria

The local currency finished the week at 50.08 from 50.17 Thursday, which a trader said was due to cautious stance of the market in line also with the release of US' non-farm payroll report later in the day.

It opened the day little changed at 50.17 from 50.18 in the previous session.

It traded between 50.22 and its closing level resulting in an average of 50.16 for the day, almost unchanged from the 50.17 Thursday.

A total of USD504.5 million changed hands, nearly double the USD274.1 million a day ago.

The currency pair is seen to trade between 50.10 and 50.50 next week.

There were mix results in the local equities market but the Philippine Stock Exchange index (PSEi) recovered and ended the day at 7,583.75 points, up 18.43 points or 0.24 percent.

All Shares followed with a 0.34 percent, or 15.35 points, increase to 4,524.16 points.

Most of the sectors finished with increases, led by the Property, which ticked up 0.76 percent; followed by Mining and Oil, 0.74 percent; Holding Firms, 0.66 percent; and Services, 0.14 percent.

On the other hand, both the Financials and the Industrial ended the day on the red with a decline of 0.26 percent and 0.22 percent, respectively.

Trade reached 2.17 billion shares amounting to Php 9.74 billion.

Gainers led losers at 93 to 80 while 63 shares were unchanged.

Source: Philippines News Agency