MANILA – – Lower US Treasury yields proved advantageous to the Philippine peso, which again strengthened to the dollar Thursday, while the Philippine Stock Exchange index (PSEi) slipped anew on profit-taking.
The local currency finished the day’s trade at 50.90 from the previous day’s 51.04, which a trader also pointed to concerns on the tax reform package.
Higher-than-expected rise of the domestic economy’s third quarter 2017 output at 6.9 percent, higher than market consensus of 6.6 percent and the upwardly revised 6.7 percent, is another plus for the peso, the trader said.
For the day, the unit opened stronger at 51.00 from 51.20 a day ago.
It traded between its opening level and 50.855, resulting in an average of 50.913.
Volume for the day totaled to USD885.1 million, higher than the USD566.8 million a day ago.
The currency pair is seen to trade between 50.80 and 51.00 Friday.
On the other hand, profit-taking continues to hurt the main equities index, which ended the day at 8,206.44 points, down 0.81 percent or 67.00 points.
The broader All Shares followed with a 0.61 percent, or 29.47 points, to 4,834.68 points.
Most of the sectors also finished the trade on the red, led by the Holding Firms that declined by 1.68 percent.
It was followed by Services, 0.59 percent; Property, 0.51 percent; Industrial, 0.37 percent; and Mining and Oil, 0.18 percent.
Only the Financials gained during the day after rising by 0.57 percent.
Trading was thin after volume for the day only reached 807.28 million shares amounting to PHP7.92 billion.
Losers led gainers at 122 to 74 while 38 shares were unchanged. (PNA)
