By Joann Villanueva/Philippine News Agency
MANILA – Lower-than-expected growth of US housing figures boosted the Philippine peso back to the 50-level on Thursday while the Philippine Stock Exchange index (PSEi) recovered after a two-day slide.
The local currency ended the day at 50.97 to a greenback from 51.13 a day ago.
BPI Research said US housing numbers declined by 0.9 percent last May, lower than market estimates of 0.7 percent decline.
“Building permits also disappoint, with official print down to a 24-month low at a 6.1 percent contraction,” it said.
Sustained foreign buying in the local stock market also provided additional boost to the peso, it said.
The peso opened the day’s trade at 51.085 from 50.95 start in the previous session.
It traded between 51.1 and 50.94, resulting to an average of 51.029.
Volume reached USD1.219 billion, higher than the USD1.207 billion a day ago.
BPI Research forecasts the currency pair so trade between 50.90 and 51.10 Friday.
Relatively, PSEi gained 0.30 percent, or 24.57 points, to 8,258.05 points, which BPI Research said was contrary to the performance of its counterparts in the region, as trade concerns remain the primary issue.
All Shares went up by 0.15 percent, or 7.44 points, to 5,008.98 points.
Most of the sectoral gauges posted increases, led by the Mining and Oil at 1.47 percent. Financials rose 1.05 percent, Services by 0.32 percent, and Holding Firms by 0.29 percent.
On the other hand, Industrial declined by 0.43 percent and Property by 0.11 percent.
Volume reached 975.57 million shares amounting to PHP5.6 billion.
Gainers led losers at 116 to 79 while 52 shares were unchanged.
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