By Joann Villanueva/Philippine News Agency
MANILA – The Philippine peso ended sideways against the greenback on Wednesday while risk-off sentiments among investors resulted in another retreat for the main equities index.
The local currency ended the day at 51.13 against the dollar after strengthening to its eight-month high of 50.9 a day ago.
A trader said this was due to US President Donald Trump’s statement, indicating that the much-awaited US-China trade deal still has “a long way to go.”
Amid the increased trade concerns, the peso was able to open at 50.95 from the previous day’s 51.00.
It even improved to 50.88 but also slipped to 51.16, resulting in an average of 51.009.
Volume reached USD1.207 billion, higher than the previous day’s USD1.045 billion.
The currency pair is seen to trade between 51.00 and 51.20 on Thursday.
On the other hand, the Philippine Stock Exchange index (PSEi) contracted by 0.36 percent, or 30.09 points, to 8,233.48 points.
All Shares declined by 0.23 percent, or 11.45 points, to 5,001.54 points.
Most of the sectoral gauge tracked the main index, led by Industrial and Holding Firms, which both fell 0.46 percent. These were followed by Property, 0.36 percent; Services, 0.22 percent; and Financials, 0.13 percent.
Only Mining and Oil index registered an increase during the day after it rose 0.53 percent.
Volume reached 903.06 million shares amounting to PHP5.31 billion.
Decliners led advancers at 89 to 85 while 67 shares were unchanged.
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