By Joann Villanueva/Philippine News Agency
MANILA – Tamed expectations of a 50-basis point cut in the Federal Reserve’s key rates next week weakened the Philippine peso Tuesday but the Philippine Stock Exchange index (PSEi) managed to stay afloat.
The PSEi gained 0.06 percent, or 4.63 points, to 8,251.46 points, which BPI Research attributed to investors decision to stay on the sidelines, ahead of the earnings report season.
All Shares, on the other hand, fell 0.07 percent, or 3.72 points, to 4,990.95 points.
Most of the sectors, meanwhile, gained during the day, led by the Mining and Oil, 0.66 percent; Holding Firms, 0.56 percent; Industrial, 0.14 percent; and Property, 0.08 percent.
Services and Financials finished the day with gains as they rose by 0.98 percent and 0.37 percent, respectively.
Volume hit 1.45 billion shares amounting to PHP6.7 billion.
Losers led gainers at 103 to 88 while 57 shares were unchanged.
Trade concerns, along with the probability of a mere 25-basis points slash in the Fed rates, disadvantaged the local currency, which ended the day at 51.135 from 51.076 a day ago.
It opened the day at 51.12, a tad weaker compared to the 51.075 start in the previous session.
It traded between 51.20 and 51.12, resulting in an average of 51.16.
Volume reached USD754.11 million, higher than the PHP725.91 million Monday.
The peso is seen to trade between 51.00 and 51.30 on Wednesday.
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