PHP up vs. USD on failure of US lawmakers to repeal Obamacare, PSEi down

MANILA- Philippine peso appreciated 20 centavos against the US dollar on Monday as investors got jitters over the failure of US lawmakers to repeal and replace Obamacare. But the main stocks index failed to catch up.

The local currency finished Monday at 50.12, Php 0.20 better than its 50.32 close Friday last week.

A trader said investors were now a bit worried after Republican lawmakers failed to reach the needed votes last week to repeal and eventually came up with a health care bill that would replace Obamacare.

With risk appetite down, the peso opened better at 50.24 from 50.33 in the previous session.

It traded between 50.25 and 50.11 resulting an average of 50.17 for the day.

Volume of trade reached USD497.2 million, lower than the USD589.4 million.

The currency pair is seen to trade between 50.10 and 50.30 Tuesday.

The Philippine Stock Exchange index (PSEi), on the other hand, shed 0.33 percent or 23.65 points to 7,245.97 points.

All Shares tracked the main index with a 0.15 percent, or 6.74 points, drop to 4,370.00 points.

There was a mix result among the sectors, with Services, Mining and Oil, and Property all posting gains of 0.95 percent, 0.52 percent, and 0.03 percent, respectively.

Holding Firms, meanwhile, led the decliners with a 0.80 percent fall; followed by Financials with a 0.46 percent drop; and Industrial, down by 0.39 percent.

Volume of trade reached one billion shares amounting to Php 7.8 billion.

Decliners led gainers at 90 to 81 while 51 shares were unchanged.

Source: Philippines News Agency