MANILA — The Philippine peso remained strong against the US dollar Wednesday but the Philippine Stock Exchange index (PSEi) dipped anew, pulled by earnings report of some companies.
The local currency finished the day at 51.30 from 51.33 a day ago, which a trader said was not in tune with the strong demand for the greenback due to corporate demand and foreign selling in the local equities market.
A trader said the local unit’s finish for the day was a turnaround from its weak opening of 51.35 from the previous session’s 51.15.
The unit traded between a wide range of 51.26 and 51.47, resulting in an average of 51.38.
Volume for the day amounted to USD721.85 million, higher than the USD533.7 million a day ago.
The currency pair is seen to trade between 51.20 and 51.40 Thursday.
On the other hand, the main stocks index fell 0.16 percent, or 13.32 points, to 8,508.49 points.
However, the broader All Shares gained 0.09 percent, or 4.43 points, to 4,971.03 points.
Most of the sectors tracked the main gauge led by the Property, which declined by 0.73 percent; followed by Holding Firms, 0.60 percent; Mining and Oil, 0.58 percent; and Services, 0.41 percent.
Financials rose by 1.32 percent and Industrial by 0.39 percent.
Volume for the day reached nearly 1.6 billion shares amounting to PHP7.7 billion.
Losers led gainers at 128 to 91 while 36 shares were unchanged. (PNA)
