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Bacolod City, Philippines Wednesday, August 26, 2020
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Peso rises vs. dollar


The peso continued to improve as it neared its four-year high against the US dollar yesterday while the Philippine Stock Exchange index (PSEi) recovered after lawmakers approved the proposed Bayanihan 2 measure.

The local currency finished the day at 48.5 from 48.62 on Monday.

Volume totaled USD674.6 million, higher than the USD481.8 million the day before.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso’s close was its highest since Nov. 4, 2016, when the currency closed at 48.48 to the greenback.

Meanwhile, after a three-day slide, the main equities index rose by 0.17 percent, or 9.86 points, to 5,953.44 points.

All Shares increased by 0.23 percent, or 8.03 points, to 3,548.60 points.

It was a mix among the sectors after Services rose by 1.36 percent, Industrial by 0.42 percent, and Mining and Oil by 0.31 percent.

The Financials counter declined by 0.50 percent and Property by 0.22 percent while Holding Firms was almost unchanged after a drop of 0.01 percent.

Volume totaled 1.25 billion shares amounting to P4.6 billion.

Losers led gainers at 109 to 84, while 51 shares were unchanged.

Ricafort said the main index’s close yesterday was among its two-week lows “partly weighed by the ghost month recently.”*PNA


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