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Bacolod City, Philippines Wednesday, January 16, 2019
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Peso rises despite volatilities


MANILA - Concerns over the negative trade reports from China drove the Philippine peso higher against the US dollar yesterday but weighed down the Philippine Stock Exchange index.

The local currency ended the day at 52.03 from 52.26 a day ago, which a trader pointed to uncertainties oversees, thus, investors’ preference to hold on to the peso.

For the day, the local unit opened flat at 52.17, which is also its weakest level for the day.

Its closing level, in turn, is also its strongest for the day, which brought the average level for the day to 52.128.

Volume surged to USD1.06 billion from the previous session’s USD693.89 million.

The currency pair is seen to trade between 52.00 and 52.20 today.

Meanwhile, the main stocks gauge continued its seesaw trend due to volatilities as a result of developments overseas.

The PSEi contracted by 0.13 percent, or 10.72 points, to 8,013.42 points, which an analyst pointed to concerns on the external trade of China.

This after China reported the 4.4 percent decline in its December 2018 exports and the 7.6 percent drop in imports.

With uncertainties on the path of global growth rising, equity investors remain cautious, analysts said.

Thus, the mix results in the local stocks market yesterday.

The broader All Shares managed to eke gains after finishing the day at 4,788.62 points, up 0.04 percent or 2.02 points.

Most of the sectors also finished up, led by the Mining and Oil, which rose 0.89 percent. It was followed by Property, 0.42 percent; Financials, 0.36 percent; and Services, 0.02 percent.

Industrial dropped by 0.67 percent, and Holding Firms, 0.43 percent.

Volume reached 3.1 billion stocks, amounting to P6.52 billion.

Gainers led losers at 102 to 86 while 63 were unchanged.*PNA


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