MANILA — The Philippine peso gained against the greenback Wednesday but global growth concerns continue to worry investors, weighing down the Philippine Stock Exchange index (PSEi) Wednesday.
The local currency finished the day at 52.75 from 52.93 in the previous session, which a trader attributed to a wait-and-see stance in light of externally-generated volatilities, top of which are the lack of developments in the US-China trade talks.
It opened the day at 52.83 from 52.77 Tuesday. It improved to 52.72 but also dipped to 52.87, resulting to an average of 52.772.
Volume of trade reached USD994.29 million, lower than the USD1.23 billion a day ago.
The currency pair is projected to trade between 52.70 and 52.90 Thursday.
On the other hand, the main stocks index shed 0.24 percent, or 19.02 points, to 7,989.65 points.
The broader All Shares, meanwhile, rose 0.08 percent or 4.04 points, to 4,814.01 points. All the sectoral gauges tracked the PSEi, led by the Mining and Oil, 0.89 percent.
Property followed with a drop of 0.40 percent as well as Industrial, 0.36 percent; Holding Firms, 0.30 percent; Services, 0.28 percent, and Financials, 0.21 percent.
Volume rose to 1.22 billion shares amounting to PHP6.66 billion. Losers continue to surpass gainers at 120 to 77 while 57 shares were unchanged.
