Peso recovers but PSEi succumbs to US-China trade jitters

MANILA – Concerns over the seemingly fruitless US-China trade talks continue to worry investors and resulted in the negative close of the Philippine Stock Exchange index (PSEi), but the peso managed to stage a comeback on Friday.

PSEi ended the week down by 0.17 percent, or 13.42 points, to 7,742.20 points.

All Shares contracted by 0.35 percent, or 16.59 points, to 4,791.26 points.

Most of the sectors also ended the week on the red, led by the Mining and Oil with a 1.89 percent drop. It was followed by Holding Firms, 0.92 percent; Services, 0.67 percent; and Property, 0.02 percent.

On the other hand, Financials rose by 1.18 percent and Industrial by 0.21 percent.

Volume reached 817.4 million shares amounting to PHP7.6 billion.

Losers led gainers at 101 to 78 while 64 shares were unchanged.

On the other hand, the local currency ended the week better at 52.12 from the previous session’s 52.3 finish.

It opened the day at 52.225 from 52.2 Thursday.

It improved to 52.085 mid-trade but also touched the 52.27 level, resulting in an average of 52.174.

Volume reached USD1 billion, lower than the USD1.04 billion a day ago.