Peso Stays Strong, Local Shares Shed on Profit-Taking

The Philippine peso finished Monday strong against the US dollar while the Philippine Stock Exchange index (PSEi) fell on profit-taking.

Easing of concerns on developments in Turkey allowed the local currency to finish the day at 53.38 at the start of this week from 53.425 close Friday last week.

A trader said moves to settle trade differences between US and Chinese officials also worked in favor of the peso.

For the day, the unit opened at 53.38, slightly better than its 53.41 start in the previous session.

It traded between 53.41and 53.37 bringing the day’s average at 53.386.

Volume of trade reached USD424.35 million, lower than the USD581.88 million at the end of last week.

The currency pair is seen to trade between 53.30 and 53.50 Wednesday.

Meanwhile, PSEi declined by 1.09 percent or 82.99 points, to 7,500.53 points, which a trader said is in line with the regional trend.

The trader said investor took profit after the main index’ rise Friday last week but stressed that concerns linger, thus, the general decline of most of the counters.

The broader All Share went down 0.79 percent or 36.56 points to 4,570.13 points.

Holding Firms registered the highest drop among the sectors after it fell 2.10 percent. It was followed by the Mining and Oil, 1.55 percent; Industrial, 0.85 percent; Financials, 0.62 percent; and Property, 0.27 percent.

Only the Services improved during the day after it rose 0.22 percent.

Volume reached 1.42 billion shares amounting to PHP5.4 billion.

Losers led gainers at 115 to 85 while 40 stocks were unchanged.

It’s a no trading holiday on Tuesday due to the death anniversary of Senator Ninoy Aquino and the Muslim feast of Eil al-Adha. (PNA)