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Peso rebounds, local shares slide anew

By Joann Villanueva

May 15, 2019, 8:39 pm

MANILA -- The Philippine peso recovered against the greenback Wednesday while risk-off sentiments took over the Philippines’ equities market.

The local currency ended the day at 52.35 from the previous session’s 52.435, which BPI Research said is only consistent with the rebound of other currencies in the region after US President Donald Trump indicated a possible trade deal with China.

It opened the day sideways at 52.43 from day-ago’s 52.37.

It traded between its opening level and 52.28, bringing the day’s average to 52.354.

Volume amounted to USD847.3 million, lower the Tuesday’s USD881.1 million.

The peso is seen to trade between 52.20 and 52.50 Thursday.

On the other hand, the Philippine Stock Exchange index (PSEi) ended the midweek session down by 0.92 percent, or 69.95 points, to 7,576.71 points.

All Shares trailed with a drop of 0.60 percent, or 28.37 points, to 4,708.17 points.

Property led the sectors with a decline of 1.93 percent and was followed by the Industrial, 1.36 percent; Holding Firms, 0.86 percent; Mining and Oil, 0.71 percent; and Financials, 0.29 percent.

Only the Services gained during the day after it rose 1.60 percent.

Volume totaled to 761.08 million shares amounting to PHP7.2 billion.

Losers led gainers at 98 to 92 while 52 shares were unchanged. (PNA)

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