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MANILA – The stock market and local currency both traded sideways on Thursday.
The benchmark Philippine Stock Exchange index (PSEi) slipped by 1.21 points, or 0.02 percent, to 6,677.92 level on this day’s trading.
All shares closed flat to 3,547.00.
“Philippine shares ended the session flat after the Fed (Federal Reserve) raised the benchmark rate by 25 basis points as widely expected,” said Regina Capital Development Corp. head of sales Luis Limlingan.
“Remarks from chair Jerome Powell hinted the central bank could also hold rates steady at these levels, and suggested that the FOMC will remain data-dependent.”
Counters had mixed reactions as three sectors closed in the green while the other half finished in the negative territory.
Gainers were led by Property, which had an improvement of 26.95 points to 2,730.73; followed by Services, 17.85 points to 1,615.48; and Industrial, 7.86 points to 9,327.46.
Holding Firms had the biggest fall of 60.68 points to 6,426.03; followed by Mining and Oil, down by 41.95 points to 10,392.84; and Financials, 3.82 points to 1,959.00.
Advancers led decliners at 89 to 73, with 57 left unchanged.
Total value of shares traded amounted to PHP3.83 billion.
Meanwhile, the peso finished at 54.56 to the United States dollar on Thursday from a close of 54.62 the previous day.
It kicked off at 54.55 from last day’s opening of 54.60.
The currency pair traded between 54.47 and 54.60, bringing the average level at 54.53.
Volume trade reached USD914.1 million, lower than Wednesday’s USD987.1 million.
Rizal Commercial Banking Corp. chief economist Michael Ricafort said the peso-dollar exchange rate on Friday could range from 54.45 to 54.65 levels. (PNA)
