By Joann Villanueva/Philippine News Agency
MANILA — The Philippine peso ended flat against the greenback on Wednesday while the Philippine Stock Exchange index (PSEi) closed in the red along with most counters ahead of an anticipated rate adjustment decision by the Federal Open Market Committee (FOMC).
The local currency ended the day at 50.89, which a trader said only shows that investors are on a wait-and-see stance ahead of the Fed announcement later in the day (Manila time), which analysts say is likely to reveal a rate cut.
It opened the day at 50.82, better than its 51.02 start in the previous day.
It traded between 50.92 and 50.81, resulting to an average of 50.865.
Volume reached USD885.57 million, lower than the USD1.12 billion the day earlier.
The currency pair is seen to trade between 50.90 and 51.10 against the US dollar Thursday.
On the other hand, the main equities gauge ended the day at 8,045.80 points, down 1.28 percent or 104.66 points.
All Shares declined by 0.93 percent, or 46.02 points, to 4,890.06 points.
Property posted the highest drop at 2.32 percent and was followed by the Industrial, 1.29 percent; Holding Firms, 1.19 percent; Financials, 0.63 percent; and Services, 0.03 percent.
Only the Mining and Oil finished with gains after rising by 0.03 percent.
Volume reached 2.07 billion shares amounting to PHP7.45 billion.
Decliners led advancers at 137 to 68 shares while 45 shares were unchanged.
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