Local markets end week with gains amid mix out-turn in Asia

By Joann Villanueva

October 19, 2018, 8:05 pm

MANILA -- Both the Philippine Peso and the main equities gauge ended the week higher even while its regional counterparts went in different directions.

The local currency ended Friday’s session at 53.7 from the previous session’s 53.965 close, which a trader attributed to the drop in global oil prices in recent days.

The Peso is also posting corrections after depreciating in the past weeks given the impact of developments overseas, the trader said.

For the day, the local unit opened at 54.02, little changed from the 53.98 a day ago. It strengthened to its closing level but also moved to 54.04, resulting in an average of 53.878.

Volume rose to USD905.02 million from the previous session’s USD729.25 million.

The currency pair is seen to trade between 53.70 and 54.10 next week.

Also, the Philippine Stock Exchange index (PSEi) gained 0.14 percent, or 10.27 points, to 7,151.52 points.

Another trader said the Philippine Stock Exchange index (PSEi) managed to post gains on the back of a mixed close in Asia during the day.

Also, Landbank market economist Guian Dumalagan said the main gauge managed to finish with gains amid rising geo-political tensions and concerns on the path of Brexit negotiations. “In addition, the EU issued a warning regarding Italy’s budget no-deal scenario,” he said.

With these factors, the local bourse registered mixed results but most counters trailed the main gauge.

All Shares ended the week flat with a decline of 0.06 percent, or 2.75 points, to 4,359.65 points.

Half of the sectoral indices ended with gains -- Mining and Oil, 2.21 percent; Property, 0.60 percent; and Financials, 0.42 percent.

On the other hand, Industrial dipped by 0.28 percent and was followed by Holding Firms, 0.24 percent; and Services, 0.10 percent.

Volume reached 2.17 billion shares amounting to PHP4.94 billion.

Advancers led gainers at 92 to 88 while 48 shares were unchanged. (PNA)