MANILA -- Federal Reserve’s 25 basis points cut in its key rates failed to make a dent on the Philippine peso Thursday, while the main equities gauge declined slightly.
The local currency ended the day at 52.18 to the dollar from 52.2 close a day ago, which a trader attributed to the expected slash in the Fed’s rates during the September 17-18 policy meeting of the Federal Open Market Committee.
It opened the day weaker at 52.31 compared to the 52.17 start in the previous day.
It traded between 52.333 and 52.18, resulting in an average of 52.28. Volume totaled to USD1.11 billion, up from the USD912.33 million a day ago.
The trader expects the peso to trade between 52.10 and 52.30 to a dollar on Friday.
Relatively, the Philippine Stock Exchange index (PSEi) slipped by 0.05 percent, or 3.97 points, to 7,911.32 points.
All Shares declined by 0.07 percent, or 3.47 points, to 4,782.96 points.
Half of the sectors ended in the red, led by Holding Firms, which contracted by 0.90 percent. It was followed by the Services at 0.54 percent and Mining and Oil, 0.23 percent.
On the other hand, Property rose by 1.25 percent and Financials and Industrial, both at 0.21 percent.
Volume reached 453.9 million shares amounting to PHP4.12 billion.
Losers surpassed gainers at 108 to 86, while 53 shares were unchanged. (PNA)
