PHP, PSEi finish lower

By Joann Villanueva

February 12, 2018, 10:00 pm

MANILA -- Risk aversion overseas continues to affect Philippine markets, resulting in sustained weakness of the peso and the Philippine Stock Exchange index (PSEi) Monday.

The local currency finished the week’s first trading day at 51.77, a PHP0.29 drop from 51.48 at the close of Friday last week.

A trader said investors remain hopeful for the rise in US interest rates, thus, the same expectations for the domestic environment.

The peso opened the day little changed at 51.55 from its 51.58 start Friday last week.

However, negative sentiments rose mid-trade, pushing the local unit to trade to its weakest of 51.77, although it managed to strengthen to as much as 51.48, resulting in an average of 51.65.

Volume of trade totaled USD930.6 million, lower than the USD1.169 billion at the end of last week.

The currency pair is seen to trade between 51.40 and 51.60 Tuesday.

The PSEi slid for the third consecutive trading day Monday and finished at 8,487.91 points, down 0.19 percent or 15.78 points.

Most of the other indices tracked the main gauge with the broader All Shares lower by 0.05 percent, or 2.48 points, to 5,025.90 points.

Mining and Oil posted the highest decline at 1.22 percent followed by Industrial, 0.83 percent; Property, 0.29 percent; Services, 0.25 percent; and Holding Firms, 0.25 percent. Only Financials gained during the day after it rose 0.66 percent.

Volume reached 2.39 billion shares amounting to PHP5.86 billion.

Losers led gainers at 118 to 94, while 36 stocks were unchanged. (PNA)