Peso, PSEi end week on positive note

By Joann Villanueva

March 16, 2018, 8:10 pm

MANILA -- Risk-on sentiment resulted in the positive close of the Philippine peso and the Philippine Stock Exchange index (PSEi) Friday.

The local currencyt finished the week at 51.93 from 52.03 a day ago.

It opened the day at 52.10 from 52.08 a ago ago.

Its opening level was the unit’s weakest for the day while its closing level was its strongest, resulting in an average of 52.002.

Volume reached USD835.6 million, up from the USD465.5 million Thursday.

ING Bank Manila senior economist Joey Cuyegkeng, in a research note, expects the local unit to be pressured by the deficit in the country’s currency account (CA), which is negatively affected by strong rise of imports on sustained robust domestic growth.

Last year, CA deficit reached USD2.5 billion, more than double the USD1.2 billion deficit in the previous year.

“The underlying weak current account will continue to pressure the Philippine peso unless significant foreign direct investment- similar to last year’s USD10 billion inflow- is repeated this year,” he added.

Also, the PSEi ended its three-day slide and recovered Friday after rising 0.59 percent, or 48.14 points, to 8,238.15 points.

All Shares rose 0.32 percent, or 16.06 points, to 4,982.50 points.

Most of the sectors tracked the main index with Industrial posting the highest increase at 1.75 percent followed by Property, 1.60 points; Services, 0.29 percent; and Holding Firms, 0.02 percent.

On the other hand, Mining and Oil posted the highest drop at 1.58 percent followed by Financials, 0.12 percent.

Volume reached 6.2 billion shares amounting to PHP19.7 billion.

Losers led gainers at 139 to 75 while 42 shares remained unchanged. (PNA)